In a statement published this afternoon the Fed said the fine was for 'numerous unfair and deceptive practices and a deficient consumer compliance risk management program.' According to the statement, 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.
'The order relates to practices in place years ago, and we have taken and will continue taking meaningful steps to correct and remediate those issues,' Gresham said in the statement. 'Including significant updates to our processes, our product packaging and marketing.'
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