DENVER—The first credit union chartered to serve the marijuana industry has its sign up and its office is preparing to open for business soon.
The Fourth Corner Credit Union will be open to any legal marijuana enterprise in Colorado, as well as to anyone who is a member of a nonprofit that supports legalized cannabis. The Fourth Corner will offer basic deposit and payment services, but will not loan CU funds prior to obtaining insurance coverage on its deposits.
The CU applied for NCUSIF coverage earlier this year. On Oct. 30, NCUA told The Fourth Corner it could take as long as two years for the agency to make a decision on providing insurance coverage. But an obscure state law allows a CU to open its doors while awaiting approval of federal insurance.
The CU had originally hoped to open for business in January.
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