The US Federal Reserve fined Green Dot Corp $44M for violating consumer laws, unfair practices, and inadequate risk management in prepaid debit cards and tax return services.

The US Federal Reserve fined Green Dot Corp $44M for violating consumer laws, engaging in unfair practices, and having inadequate risk management in marketing prepaid debit cards and tax return services. Green Dot must hire a third party to strengthen its risk management and establish an effective anti-money laundering program. CEO George Gresham admitted past issues and pledged cooperation with regulators.