Green Dot estimates up to $50M in liabilities over proposed Fed order
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.
Related articles
-
News BriefGreen Dot fined $44M by Fed over compliance deficiencies, deceptive practices
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.
-
PremiumFed upping supervisory pressure as SVB collapse nears 1-year mark
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.
-
News BriefICBC fined $32M by NYDFS, Fed over compliance lapses
The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.
More from Regulatory Enforcement
-
ArticleNY auto insurers on the hook for $19M for cybersecurity violations
Eight auto insurers failed to meet the requirements of New York’s cybersecurity regulations during widespread online attacks in 2021 and will pay $19 million under consent orders with the New York State Department of Financial Services (NYDFS).
-
News BriefCanada to launch new federal office targeting financial crime and fraud
Canada is creating a new federal office to lead efforts against financial crime. The initiative marks the government’s most significant move yet to modernize its approach to fraud and money laundering.
-
News BriefSmartmatic faces DOJ charges amid allegations of election contract bribes
Three executives of a multinational voting machine company in the crosshairs of President Donald Trump since 2020 have been indicted in Florida by the U.S. Department of Justice for allegedly paying $1 million in bribes to the Philippines top election official.