Green Dot in Austin, Texas, has set aside $20 million to cover a proposed consent order from the Federal Reserve tied to its compliance with anti-money-laundering regulations.
The $4.8 billion-asset bank and fintech company said in a press release that the proposed order also covers consumer compliance matters that took place before George Gresham became CO in 2020.
Green Dot, which is still in discussions with the Fed over the potential order, said it could end up costing the company up to $50 million “based on currently available information.”