- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-03-01T17:18:00
Financial technology firm Green Dot Corp. estimated a pending consent order with the Federal Reserve Board will require a payment of between $20 million to $50 million.
The order relates principally to various aspects of “compliance risk management, including consumer compliance and compliance with anti-money laundering regulations,” Green Dot said in a press release Tuesday.
As part of generally accepted accounting principles, the company said it accrued an estimated liability of $20 million related to the proposed consent order, with the “aggregate range of reasonably possible losses … up to $50 million” for the quarter ended Dec. 31, 2023.
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The Federal Reserve Board of Governors fined financial technology and bank holding company Green Dot $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program.
Since the failure of Silicon Valley Bank nearly one year ago, the Federal Reserve Board has revamped its supervisory procedures to respond more quickly and forcefully once it identifies emerging risks at mid-sized and large banks, according to the agency’s vice chair for supervision.
The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
French defense and aviation contractor Thales Group is under investigation by authorities in the U.K. and France for allegedly participating in bribery and corruption.
Hedge fund manager Scott Bessent, named by Donald Trump on Friday as his nominee for Treasury Secretary, has a clear mandate to deregulate the financial markets should he take the helm.
