A Colorado credit union will get another shot in its quest to provide banking services to the state’s legal marijuana industry as the Tenth Circuit on Tuesday opened the door for the financial institution to reapply for a master account at the Federal Reserve Bank of Kansas City.

A Tenth Circuit panel vacated a Colorado federal court’s decision to dismiss Fourth Corner Credit Union’s challenge to the Kansas City Fed’s application denial with prejudice, instead sending it back to the lower court with instructions to dismiss the suit without prejudice.

The upshot of the appeals court’s ruling is that the credit union can again ask the Kansas City Fed to grant it a master account, which gives financial institutions access to the Fed’s automated clearinghouse system and the ability to do things like clear checks and perform other transactions on behalf of customers. [Read More @ Law360]