Question Description
I’m working on a criminal justice writing question and need an explanation and answer to help me learn.
You are a bank official in a state in which marijuana has been legalized. A local businessman comes to your bank to apply for a checking account and loan to expand his thriving marijuana shop. He explains that by all standard criteria his credit rating is excellent but for the last several months he has been forced to carry out with all transactions on a cash-only basis, without a checking account. Without a commercial loan, he cannot expand his business. In the last three weeks, he has been robbed at knifepoint when transporting his cash receipts, the last time being particularly dangerous to him. He nearly lost his life, and fears that next time he may not be so fortunate. Yet you worry about the FDIC requirements for your bank. If you were to lose FDIC protection for your depositors, you would have to close your doors.
As the bank official, do you approve or deny the loan? What justifications do you provide if you approve or deny the loan? Please write a detailed response to the questions and use LIRN to identify one peer-reviewed article to support your position. your response should be NO LESS than 500 words.
