Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Colo. bill to propose financial co-op for med-marijuana industry
DENVER (1/12/12)--Two state lawmakers in Colorado say they plan to introduce next week a bill that would allow the state's medical-marijuana industry to form a "financial cooperative" that would act like a credit union.

State Sen. Pat Steadman (D-Denver) and state Rep. Tom Massey (R-Poncha Springs) announced their proposed bill would provide banking services to medical-marijuana businesses, with membership limited to industry members (Denver Post (Jan. 11).  However, they said, the institution would be free of the kinds of federal insurance requirements existing with banks and credit unions, making them reluctant to work with medical-marijuana businesses.

The lawmakers said difficulty in finding banking services is an ongoing complaint in the industry. Steadman indicated the inability to have a financial institution for banking hinders regulatory enforcement. Instead of relying on piles of cash, a financial cooperative could provide a paper trail for regulation, he told the newspaper.

A bank that had worked with the dispensaries closed those accounts in October, followed by other closures from institutions that were wary of a federal law making distribution of the drug illegal. The bill is a top priority for the Medical Marijuana Industry Group in this legislative session, which began Wednesday, according to the newspaper.


RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
10 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
10 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
12 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
12 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
13 hours ago