Green Dot Supports CFPB’s Proposed Rules For Prepaid Debit Cards
Green Dot Corporation (NYSE:GDOT) announced that it supports the CFPB’s newly released prepaid debit card Notice of Proposed Rulemaking (NPRM).
Green Dot’s Founder, Chairman and Chief Executive Officer Steve Streit testified yesterday at the CFPB field hearing on the topic in Wilmington, DE. As part of his prepared testimony, Mr. Streit said, “Today the prepaid industry takes another step towards maturity and passes another milestone on its path to long term sustainability and critical mass. I, as a person, and Green Dot, as a company, fully support the CFPB’s mission. A football game without rules and referees isn’t a sport; it’s a brawl. Like sports, to be successful, industry also needs rules and referees to ensure fairness, integrity and safety for all participants.”
Green Dot believes that its business will not be materially impacted by the CFPB’s newly proposed rules. Furthermore, Green Dot fully supports the proposed rules that mandate “Regulation E” consumer protections for lost or stolen funds and disputed transactions, including the providing of provisional credits to consumers, and the CFPB’s proposed rulemaking dealing with the new framework for overdraft programs attached to prepaid cards.
This announcement contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding the impact of recently proposed regulations. Actual results may differ materially from those contained in the forward-looking statements contained in this announcement. The potential risks and uncertainties that could cause actual results to differ from those projected include, among other things, recently proposed regulations may be modified prior to adoption, the Company’s ability to operate in a highly regulated environment, other changes to existing laws or regulations affecting the Company’s operating methods or economics, and the Company’s involvement litigation or investigations. These and other risks are discussed in greater detail in the Company’s Securities and Exchange Commission filings, including its most recent annual report on Form 10-K and quarterly report on Form 10-Q, which are available on the Company’s investor relations website at ir.greendot.com and on the SEC website at www.sec.gov. All information provided in this announcement is as of November 13, 2014, and the Company assumes no obligation to update this information as a result of future events or developments.
About Green Dot Corporation
Green Dot Corporation and its wholly owned subsidiary bank, Green Dot Bank, are focused exclusively on serving Low and Moderate Income American families with modern, fair and feature-rich financial products and services, including prepaid cards, checking accounts and cash processing services distributed through a network of some 100,000 retail stores, neighborhood financial service centers and via digital channels. The Company is headquartered in Pasadena, California with Green Dot Bank located in Provo, Utah.
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