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

Federal banking official to meet with Colorado pot shops

Eds: APNewsNow. Will be updated after afternoon meeting

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.

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