A federal judge in Colorado on Jan. 5 dismissed a lawsuit filed by a Colorado-based credit union.

Judge R. Brooke Jackson dismissed the suit by Fourth Corner Credit Union against the Federal Reserve after the Fed denied the fledgling credit union a master account.

The issue behind the denial was that Fourth Corner was chartered with the intent to serve legitimate cannabis businesses. While it is chartered in Colorado, Fourth Corner cannot provide checking services to its members as a result of the Fed's denial.

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