Colorado pot banking case tests federal drug rules
DENVER - A marijuana banking case set for arguments Monday is testing the federal government's stated goal of addressing the cash-only nature of the quasi-legal pot industry.
But should pot sellers be able to use the nation's banking system as long as marijuana is an illegal drug? It's a question before a federal judge trying to weigh a Colorado-chartered bank's attempt to force the U.S. Federal Reserve to let those pot shops access the nation's banking system.
The case involves Fourth Corner Credit Union, which Colorado set up last year to serve the marijuana industry. Federal banking regulators have issued guidelines to banks to accept money from pot sales, but banks frequently say those guidelines are unwieldy. That leaves many pot shops stuck trying to pay bills and taxes in cash.