Green Dot files to purchase Walmart Moneycard portfolio

Based on filings with the Securities & Exchange Commission (SEC), Green Dot has announced that they are in seeking to purchase from GE Capital Retail the Walmart Moneycard portfolio.

This move is seen by many as a means to untangle the current regulatory framework that Green Dot operates under, since they primarily operate as a pre-paid card service and serves as a precursor to Federal Reserve regulations, whereas GE Capital is regulated by the Comptroller of the Currency.

The purchase would transfer the regulatory authority to the Federal reserve and thus cut down on overhead costs for these regulations.

(Photo: Wikimedia Commons)

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