Green Dot hit with Fed consent order, $44M civil penalty over compliance failures

GREEN DOT CORP

Federal Reserve consent order addresses consumer compliance and AML deficiencies at Green Dot Bank and Corporation.
Civil money penalty of $44 million assessed; must be paid upon execution of order.
Findings include deceptive practices on zero-balance account fees, phone registration, account blocks, and tax refund fees.
Order requires revised BSA/AML program, independent transaction review, and enhanced consumer compliance risk management plan.
Green Dot must appoint a qualified compliance officer with full autonomy and adequate resources.

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