Pot industry's bank bid rejected by federal regulators

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The Fourth Corner Credit Union, a financial house created for the pot industry, has filed two lawsuits this week challenging their denied applications by the National Credit Union Administration and the U.S. Federal Reserve.

In 23 states, medical marijuana is now legal and in Colorado, Oregon, Washington, Alaska and the District of Columbia recreational marijuana is legal. However, it is still illegal on the federal level.

The Fourth Corner Credit Union is not allowed to accept any marijuana business until they get federally insured.

“In spite of all of these obstacles and impediments, the industry is really working hard to gain some traction and we just want to be their partner and help them with that goal”, O’Gorman said.

The bank has a broad base of support, including from the a group of attorneys, business owners and legalization advocates.

The Governor of Colorado John Hickenlooper said the state would...

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