Credit Union v. Federal Reserve Lawsuit over Marijuana Banking Dismissed

Legal
Credit Union v. Federal Reserve Lawsuit over Marijuana Banking Dismissed

Hey, do you remember when U.S. District Judge R. Brooke Jackson called out the United States Treasury Department for its efforts (or lack thereof) on guiding banks through the tricky set of rules of working with marijuana businesses? Well, he did — in fashion, calling it a "nothingburger."

See, Judge Jackson is a stud. A smart guy. He was nominated for a spot on the federal bench five years ago by President Obama. A 2006 Commission on Judicial Performance found him "to be an intelligent, dedicated, hard-working individual who endeavors to render his decisions in a timely fashion and is committed to being an outstanding judge," and describes himself as committed to continuing his understanding of law.

We know marijuana businesses need a safe place to keep their money. While federal decriminalization is the solution, it is going to be a long road to get there. So far, the Fed is not doing enough, and Jackson agrees.

Though, when Fourth Corner Credit Union of Colorado argued against the Federal Reserve Bank for disallowing them access to the national banking system last week and disabling them for working with marijuana business, Jackson was not much help:

"We think there ought to be banking and regulation. I get that. I agree with that. But that’s not the legal question here, is it... If I were in the Congress, I’d vote for you, but I’ve got to do the job of a federal judge here."

Yesterday, he dismissed the case and could only "hope that it will soon be addressed and resolved by Congress.”

The issue here is that while Judge Jackson sympathizes with the marijuana industry and sees the need for change, one credit union gaining access to one bank of the Federal Reserve does not federal decriminalization make. Though, when congressmen begin asking for new heads of federal administration, it begins to feel like change is on the horizon.

Maybe 2016 will not be so bad