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.

Business owners in the cannabis industry say that they are underserved by banks and need access not only to checking business accounts but also lines of credit for inventory and cash management and expansion.

As CBS reports, owners cite concerns over paying their employees over cash and leaving them at risk for their personal safety as they walk around with a paycheck in cash on their person.  Other political and business leaders have expressed that Coloradoans are not getting the full benefits such a growing industry should yield in terms of jobs due to the lack of capital available for loans.

While some 400 banks offer some services for the cannabis industry, generally they do so at more expensive rates than credit unions.

In a July letter responding to Fourth Corner’s application to service the pot industry, the  National Credit Union Administration stated that the cannabis industry “does not have an established track record of success and remains illegal at the federal level.”

Fourth Corner had applied with the Federal Reserve for a “master account,’ which is required for them to interact with other financial institutions. However approximately after receiving the letter from the NCUA, they received a denial from the Federal Reserve.

Amidst Governor and presidential aspirant Chris Christie (R-NJ) saying he would shut down the burgeoning pot industry in Colorado and others calling for same, there are legislative steps being taken to ease banking and trade laws on marijuana dispensaries.

However, some insiders say the pot business is so specialized and such a  lightening rod it requires its own industry credit union.