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Fourth Corner Credit Union gets another crack in court to receive its master account

By Steve Levine on June 29, 2017
Posted in Banking, General Industry, Government and Policy Trends, Industry Trends, Regulatory Issues

On June 27, 2017, a three-judge panel for the 10th U.S. Circuit Court of Appeals vacated a district court ruling that nixed Denver-based Fourth Corner Credit Union’s bid to receive a master account with the Federal Reserve Bank of Kansas City.  Fourth Corner has been waiting since the end of 2015 for such ruling.  The ruling effectively allows for the credit union to continue with its lawsuit against the Federal Reserve in an attempt to obtain its master account so it can function as a state-legal credit union in Colorado.

What does this mean?

The opinion relied on the fact that the case is not about Fourth Corner violating federal drug laws. U.S. Circuit Judge Robert E. Bacharach wrote:  “The district court dismissed the amended complaint, reasoning that Fourth Corner would use the master account to violate federal drug laws. This ruling was erroneous,” Essentially, the district court relied on suspicions about what Fourth Corner might do and such standard is not sufficient to approve a motion to dismiss.

Fourth Corner still has a long road to haul until it can reach a resolution, but this ruling is a positive step towards normalization of state-legal marijuana in Colorado.

Tags: 10th Circuit, banking, federal reserve, fourth corner, marijuana, master account
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Photo of Steve Levine Steve Levine

Steve is head of the firm’s Food Systems industry unit, Steve leads more than 45 professionals from numerous practice areas focused on the various food and agriculture industries. He excels in bringing creative, cost-effective solutions to the various challenges that our clients face.…

Steve is head of the firm’s Food Systems industry unit, Steve leads more than 45 professionals from numerous practice areas focused on the various food and agriculture industries. He excels in bringing creative, cost-effective solutions to the various challenges that our clients face.

Since 2009, Steve’s major focus has been on the burgeoning cannabis industry, where he guides clients through the tangle of shifting regulations governing the sale and use of cannabis in both the marijuana and industrial hemp sectors across the nation.

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