Breaking News
Federal Reserve Board Takes Action to Address Consumer Compliance Breakdowns by Green Dot
The Federal Reserve Board on Friday took action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program.
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. For example, Green Dot failed to adequately disclose the tax refund processing fee for tax preparation services offered on a third party’s website. The firm also blocked access to accounts of legitimate customers receiving unemployment benefits and lacked reasonable policies and procedures to help those customers cure those blocks. In addition, Green Dot did not maintain effective consumer compliance risk management and anti-money laundering programs.
The Board is requiring the firm to take several steps to improve these programs. Green Dot must hire an independent third-party to strengthen its consumer compliance risk management program and address the root causes of consumer complaints. The firm also must develop an effective anti-money laundering program and hire an independent third-party to conduct a review of certain transaction activities.
- MPE 2026: SOK’s Payments Strategy in Finnish Retail Read more
- FTT Lending 2026: What Do You Need From Me to Lend Me £100? Read more
- NOTO: The Urgent Need for Transparency Against Insider Threats Read more
- Kingstone Selects ZestyAI to Power California Market Entry Read more
- Revolut Enters New Era of Money Intelligence With Launch of AI Assistant Read more
Revolut Enters New Era of Money Intelligence With Launch of AI Assistant
Revolut has launched AIR (AI by Revolut), an in-app AI assistant designed to transform how millions of users interact with their money and elevate their money intelligence.
Raiffeisen Bank Reaffirms Long-Standing Commitment to Powering Core Retail Services With Finastra
Finastra announced that Raiffeisen Bank Hungary has reaffirmed its long-standing commitment to using Finastra technology to power its core retail banking in region
FinTech Australia Appoints Xero Head of Global Public Policy Grace Gown to its Board
FinTech Australia has appointed Xero Head of Global Public Policy Grace Gown to its board, further strengthening its policy impact as the sector enters its next phase of growth.
Banking Transformation Summit to Unite Europe’s Banking Leaders in May to Address What’s Next
Banking Transformation Summit, Europe’s essential gathering for senior banking and financial services executives, will return to London this 19-20th May. This senior-level meeting will bring together 1,000 of the most forward-thinking leaders in banking to confront the strategic, technological and organisation challenges reshaping the industry.
Perpetuals Launches Quantum Resilient Security Service to Strengthen Encryption Standards Across Financial Markets
Perpetuals.com Ltd (NASDAQ: PDC), the AI-powered financial services company that is leveling the playing field for traders, today announced the launch of Quantum-Resilience-as-a-Service (QRaaS), a new security offering that helps organizations strengthen their encryption in the face of emerging risks posed by quantum computing.
O Bee Credit Union Selects Tyfone’s nFinia® Digital Banking Platform
Digital banking solutions provider Tyfone, today announced that O Bee Credit Union (O Bee) has selected the nFinia® Digital Banking Platform for both retail and business members. The credit union cited the platform’s member-centric design, comprehensive business banking capabilities, advanced money movement features and self-service tools as primary drivers in its decision.
NatWest Accelerator Announces New Commitments to Build an Inclusive Entrepreneurial Economy
The NatWest Accelerator Female Founders Community and new strategic partners will help unlock growth for diverse founders across the UK
MPE 2026: SOK’s Payments Strategy in Finnish Retail
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
FTT Lending 2026: What Do You Need From Me to Lend Me £100?
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
NOTO: The Urgent Need for Transparency Against Insider Threats
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Kingstone Selects ZestyAI to Power California Market Entry
ZestyAI announced that Kingstone has selected Z-FIRE™, its wildfire risk model, as part of Kingstone’s planned expansion into the California homeowners market
Revolut Enters New Era of Money Intelligence With Launch of AI Assistant
Revolut has launched AIR (AI by Revolut), an in-app AI assistant designed to transform how millions of users interact with their money and elevate their money intelligence.
Raiffeisen Bank Reaffirms Long-Standing Commitment to Powering Core Retail Services With Finastra
Finastra announced that Raiffeisen Bank Hungary has reaffirmed its long-standing commitment to using Finastra technology to power its core retail banking in region
Visa Opens the Door to AI-Driven Shopping for Businesses Worldwide
Visa has unveiled Intelligent Commerce Connect, a new solution that makes it easier for businesses to participate in AI-powered commerce