By Jeff Dale2024-03-01T17:18:00
Financial technology firm Green Dot Corp. estimated a pending consent order with the Federal Reserve Board will require a payment of between $20 million to $50 million.
The order relates principally to various aspects of “compliance risk management, including consumer compliance and compliance with anti-money laundering regulations,” Green Dot said in a press release Tuesday.
As part of generally accepted accounting principles, the company said it accrued an estimated liability of $20 million related to the proposed consent order, with the “aggregate range of reasonably possible losses … up to $50 million” for the quarter ended Dec. 31, 2023.
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The Federal Reserve Board of Governors fined financial technology and bank holding company Green Dot $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program.
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Since the failure of Silicon Valley Bank nearly one year ago, the Federal Reserve Board has revamped its supervisory procedures to respond more quickly and forcefully once it identifies emerging risks at mid-sized and large banks, according to the agency’s vice chair for supervision.
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More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.
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Kentucky took aim at Chinese company Temu, alleging in a lawsuit that it counterfeited popular Kentucky-designed merchandise and violated customers’ privacy.
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