Federal banking official to meet with Colorado pot shops | SummitDaily.com

Federal banking official to meet with Colorado pot shops

DENVER — Marijuana business owners in Colorado are meeting with a federal banking official about their problems accessing banking services.

The closed-door meeting in Denver Thursday afternoon is between Kansas City Federal Reserve President Esther George and about 20 representatives of the marijuana industry.

The meeting was arranged by two Colorado congressmen who have tried unsuccessfully to pass laws expanding banking access for the marijuana industry. Federal authorities have released guidelines to banks about how to accept pot-related clients, but most banks so far have declined.

Colorado awarded a license last year to a credit union to serve the industry. But the Fourth Corner Credit Union can’t start taking deposits without clearance from the Federal Reserve.

Support Local Journalism

Support Local Journalism

As a Summit Daily News reader, you make our work possible.

Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.

Your donation will be used exclusively to support quality, local journalism.

For tax deductible donations, click here.

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User