02:03 PM EDT, 07/19/2024 (MT Newswires) -- Green Dot ( GDOT ) shares were down over 4% in recent trading Friday after the Federal Reserve Board fined $44 million for numerous unfair and deceptive practices, and inadequate compliance risk management.

The regulator said Green Dot ( GDOT ) inadequately disclosed tax refund processing fees, and blocked access to accounts of legitimate customers receiving unemployment benefits without proper policies to resolve them.

The company failed to maintain effective consumer compliance risk management and anti-money laundering programs, while breaking the law with marketing, selling and servicing of prepaid debit card products.

The board requires Green Dot ( GDOT ) to hire third parties to enhance consumer compliance and review transaction activities, and develop an anti-money laundering program.

Green Dot ( GDOT ) did not immediately respond to MT Newswires' request for comment.

Price: 9.40, Change: -0.42, Percent Change: -4.28