Thursday, August 11, 2011
"Our legal team has been working nearly around the clock over the past few weeks in an effort to wrap up the final details needed to provide our regulators with all the final documentation needed to formally consider our application," Streit said.
"While the time frame for review and decision-making on our application has taken somewhat longer than we had originally anticipated, we remain optimistic for a successful outcome," he added. "Of course, there's certainly no guarantees on the application's approval, and we are still anticipating a decision later this summer. So as soon as we have an update, we'll let you know."
In March 2010, SellingPrepaid reported that Green Dot applied through the Federal Reserve Bank of San Francisco to become a bank holding company by acquiring Bonneville Bancorp. It has been reported that the acquisition price is approximately $15.6 million.
Bonneville Bank appears on a list published by the Federal Reserve Board as being exempt from the interchange cap provisions of the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act. 
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.
