In its recently published Q4 and full year financial results for 2023, Green Dot states that the matters addressed in the proposed consent order “relate to activities and practices that commenced prior to the company’s Chief Executive Officer transition in 2020”.
The company adds that the consent order includes “proposals for civil money penalties related to these issues” and it is “still in discussions with the Federal Reserve Board regarding these proposals”.
Green Dot says it has “accrued as part of its GAAP financial results an estimated liability of $20 million related to the proposed consent order during the quarter ended December 31, 2023”, adding that “the estimate of the aggregate range of reasonably possible losses” could be up to $50 million.
