secwatch.observer — SEC 8-K summary
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Issuer:     GREEN DOT CORP (GDOT)
CIK:        0001386278
Form:       8-K
Filed at:   2024-07-19T23:59:59+00:00
Accession:  0001386278-24-000037
Event type: regulatory
Sentiment:  negative
Materiality: 0.85
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1386278/000138627824000037/0001386278-24-000037-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1386278/000138627824000037/gdot-20240719.htm
  HTML page:      https://secwatch.observer/filing/0001386278-24-000037

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