Green Dot Predatory Practice Consent Order Covered by CommerceOne Now Fed Questions

Green Dot Predatory Practice Consent Order Covered by CommerceOne Now Fed Questions by Matthew Russell Lee, Patreon Book Substack SOUTH BRONX/SDNY, May 7 – Green Dot Bank, the subject of extensive consumer complaints, proposes to split itself with its bank going with CommerceOne and its fintech business to (related) Smith Ventures.  Fair Finance Watch has filed opposition to the Federal Reserve.   "This is early opposition to the application of Compass Sub Northwest, Inc., Birmingham, Alabama "and others" to become a bank holding company by acquiring Green Dot Corporation, and thereby indirectly acquiring Green Dot Bank, both of Provo, Utah "and more." That is how it is described on the FRB's website.      Perhaps the "and others" as with the "and more" refers to Smith Ventures. "Bill Smith, CEO of Smith Ventures [is[ a founding member of CommerceOne Financial’s board." So Smith Ventures is a party in interest and should be reviewed.      For the record, CommerceOne is a HMDA reporter - and lending only to whites, not to any African American...   For the record, now the Fed is being asked to approve an acquisition of an institution that is currently operating under a Federal Reserve consent order.  An analysis of CFPB complaint data found that Green Dot had at least 1,580 complaints across its products — a volume that would place it among the top 2% of companies most complained about, if the complaints were fully visible on the public portal. Green Dot customers reported having money stolen from accounts, unauthorized charges, and difficulty resolving disputes. Some consumers reported that when they disputed transactions, Green Dot froze their accounts, cutting them off from funds deposited to cover vital expenses.       There are extensive consumer complaints against the applicant(s) here; the FRB has taken the problematic position that even the CFPB complaint database is not "substantive." FFW objects, and requests a hearing. Ten days later, Sullivan & Cromwell submitted an entirely dismissive response, to which FFW immediately replied, with 2025 HMDA data and more - including S&C being slammed for misusing AI in court. And on May 7, the Fed asked CommerceOne / Compass Sub North questions, including "Describe specific actions New CommerceOne would take to strengthen and enhance Green Dot Bank’s complaints management program and to reduce the number of customer complaints the bank receives. Describe any new systems, additional staffing, and new operations New CommerceOne would implement at Green Dot Bank to strengthen and enhance its complaints management program. 6. Provide a detailed timeline New CommerceOne would expect Green Dot Bank to address each of the corrective actions of the Consent Order after the acquisition"  and saying, "Please provide a copy of the public portion of your response to the commenter, Mr. Matthew Lee." Watch this site.   Watch this site. *** Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron. Feedback: Editorial [at] innercitypress.com Mail: Box 130222, Chinatown Station, NY NY 10013 Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.  Copyright 2006-2026 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at] innercitypress.com