Blayne V. Scofield | Bloomberg LawBoard of Governors of the Federal Reserve System, Order Approving the Formation of a Bank Holding Company (Nov. 23, 2011) On November 23, 2011 the Board of Governors of the Federal Reserve System (FRB) approved Green Dot Corporation’s application to become a bank holding company. The approval allows Green Dot to consummate its acquisition of Bonneville Bancorp, the parent company of Bonneville Bank, which it announced more than 20 months ago in February 2010. FRB’s approval means that Green Dot will become the first prepaid card company to operate its own bank and gives Wal-Mart Stores Inc. an indirect foothold in the U.S. banking market.
Why the Approval Matters
Governor Duke’s Dissent
Foot in the Door
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