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$44 Million Fed Fine for Green Dot over Sins from “Years Ago”

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$44-million-fed-fine-for-green-dot-over-sins-from-“years-ago”

Monday, 22/07/2024 | 07:13 GMT by Damian Chmiel

  • The Federal Reserve slapped the digital bank for consumer protection violations.
  • The CEO, however, claims that the fine pertains to old offenses, which the company has long since addressed.

Green Dot CEO George Gresham

Green Dot CEO George Gresham

The Federal Reserve (Fed) has imposed a hefty $44 million fine on Green Dot Corporation, a popular US-based digital bank, citing a litany of consumer protection violations and risk management deficiencies spanning at least five years.

Fed Slaps Green Dot with $44 Million Fine for Consumer Violations

The Austin-based company, known for its partnership with retail giants like Walmart, faced regulatory scrutiny for what the Fed described as “numerous unfair and deceptive practices” that occurred between 2017 and 2022. These infractions ranged from improperly blocking legitimate customer accounts to inadequate disclosure of fees associated with tax refund services.

According to the Fed report, “Green Dot violated consumer law in its marketing, selling, and servicing of prepaid debit card products, and its offering of tax return preparation payment services.”

The central bank highlighted several violations, including Green Dot’s failure to properly close accounts while continuing to assess fees and the company’s decision to discontinue phone registration for debit cards without adequately notifying customers.

The Fed’s action also mandates that Green Dot implement comprehensive compliance measures subject to regulatory approval, signaling a broader push for accountability in the fintech sector.

Green Dot CEO George Gresham acknowledged the company’s shortcomings in a statement, saying, ” We’ve been working closely with our regulators on these matters and are pleased to confirm the consent order has been finalized.”

However, as Gresham added, the penalty imposed by the Fed relates to practices used “years ago,” and since then, the company has undertaken a series of “meaningful steps” to address these issues. “We remain optimistic about our financial and regulatory positions as well as our future growth potential and opportunity as we serve and empower customers directly and through our partners,” Gresham concluded.

The penalty was imposed at the time when Green Dot appointed Mellisa Douros as Chief Product Officer. Previously, she served as the Vice President of Digital Product Experience at Discover Financial Services and was also associated with E*TRADE in the past.

Fintech vs. Regulations

The Fed’s decision comes amidst growing concerns over consumer protection in the rapidly evolving fintech landscape. As traditional banking services increasingly intersect with technology-driven solutions, regulators are grappling with how to ensure fair practices without stifling innovation.

At the beginning of this year, the need to regulate the sector was highlighted by Ashley Alder, the head of the FCA, who encouraged other regulators to engage in global collaboration in this field. Concurrently, the European Union approved new regulations targeting the payment market, a critical part of the financial technology industry. These regulations aim to challenge the dominance of major players such as Visa and Mastercard.

These developments are taking place at a time when the fintech sector is observing an increase in revenues, yet there is a significant 70% drop in funding. In 2021, funding amounted to $144 billion, which decreased to $42 billion in 2023.

fintech funding

An independent report from KPMG, highlighted by Finance Magnates in February, revealed that 2023 saw the lowest fintech funding results in the past five years. Global fintech investments fell to $113.7 billion in 2023, a substantial decline from $196.3 billion in 2022.

The Federal Reserve (Fed) has imposed a hefty $44 million fine on Green Dot Corporation, a popular US-based digital bank, citing a litany of consumer protection violations and risk management deficiencies spanning at least five years.

Fed Slaps Green Dot with $44 Million Fine for Consumer Violations

The Austin-based company, known for its partnership with retail giants like Walmart, faced regulatory scrutiny for what the Fed described as “numerous unfair and deceptive practices” that occurred between 2017 and 2022. These infractions ranged from improperly blocking legitimate customer accounts to inadequate disclosure of fees associated with tax refund services.

According to the Fed report, “Green Dot violated consumer law in its marketing, selling, and servicing of prepaid debit card products, and its offering of tax return preparation payment services.”

The central bank highlighted several violations, including Green Dot’s failure to properly close accounts while continuing to assess fees and the company’s decision to discontinue phone registration for debit cards without adequately notifying customers.

The Fed’s action also mandates that Green Dot implement comprehensive compliance measures subject to regulatory approval, signaling a broader push for accountability in the fintech sector.

Green Dot CEO George Gresham acknowledged the company’s shortcomings in a statement, saying, ” We’ve been working closely with our regulators on these matters and are pleased to confirm the consent order has been finalized.”

However, as Gresham added, the penalty imposed by the Fed relates to practices used “years ago,” and since then, the company has undertaken a series of “meaningful steps” to address these issues. “We remain optimistic about our financial and regulatory positions as well as our future growth potential and opportunity as we serve and empower customers directly and through our partners,” Gresham concluded.

The penalty was imposed at the time when Green Dot appointed Mellisa Douros as Chief Product Officer. Previously, she served as the Vice President of Digital Product Experience at Discover Financial Services and was also associated with E*TRADE in the past.

Fintech vs. Regulations

The Fed’s decision comes amidst growing concerns over consumer protection in the rapidly evolving fintech landscape. As traditional banking services increasingly intersect with technology-driven solutions, regulators are grappling with how to ensure fair practices without stifling innovation.

At the beginning of this year, the need to regulate the sector was highlighted by Ashley Alder, the head of the FCA, who encouraged other regulators to engage in global collaboration in this field. Concurrently, the European Union approved new regulations targeting the payment market, a critical part of the financial technology industry. These regulations aim to challenge the dominance of major players such as Visa and Mastercard.

These developments are taking place at a time when the fintech sector is observing an increase in revenues, yet there is a significant 70% drop in funding. In 2021, funding amounted to $144 billion, which decreased to $42 billion in 2023.

fintech funding

An independent report from KPMG, highlighted by Finance Magnates in February, revealed that 2023 saw the lowest fintech funding results in the past five years. Global fintech investments fell to $113.7 billion in 2023, a substantial decline from $196.3 billion in 2022.

Damian Chmiel

  • 1631 Articles
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Damian’s adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

  • 1631 Articles
  • 36 Followers

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    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo! Ugnė B., payabl. Joe Pelley, ActivTrades William Thomas, BVNK Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23 #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo! Ugnė B., payabl. Joe Pelley, ActivTrades William Thomas, BVNK Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23 #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo! Ugnė B., payabl. Joe Pelley, ActivTrades William Thomas, BVNK Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23 #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo! Ugnė B., payabl. Joe Pelley, ActivTrades William Thomas, BVNK Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23 #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo! Ugnė B., payabl. Joe Pelley, ActivTrades William Thomas, BVNK Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23 #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ At the same time, it’s a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo! Ugnė B., payabl. Joe Pelley, ActivTrades William Thomas, BVNK Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23 #fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

  • FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

    FMvoices are here to confirm all the great things you’ve heard about our events ✨ #fmevents #fmls24

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