Julie Hill on the History and Recent Developments of Fed Master Accounts
Macro Musings with David Beckworth
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Do You Think Traditional Banks Are Playing a Role in Regulations?
In Colorado, marijuana-related businesses had a really hard time getting access to bank accounts. Federal money laundering law said if you take money from an illegal source, like selling or dealing with marijuana, which is still illegal under a federal law and deposited in your bank, that's money laundering. So the organizers of fourth quarter credit unions said, well, what if we just started a new bank? We don't need to put existing customer deposits at risk. What if we just start a new credit union that will serve the marijuana industry? And so they go to the Colorado bank regulator, who of course thinks it's a wonderful idea because Colorado's legalized marijuana. They apply for NCOE insurance
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