| Green
Dot Predatory
Practices
Covered Up by
CommerceOne
Redacted
Answers So
FOIA
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX/SDNY,
May 17 – Green
Dot Bank, the
subject of
extensive
consumer
complaints,
proposes to
split itself
with its bank
going with CommerceOne
and its
fintech
business to
(related)
Smith
Ventures.
Fair Finance
Watch has
filed
opposition to
the Federal
Reserve.
"This is
early opposition to the
application of Compass Sub
Northwest, Inc., Birmingham,
Alabama "and others" to become
a bank holding company by
acquiring Green Dot
Corporation, and thereby
indirectly acquiring Green Dot
Bank, both of Provo, Utah "and
more." ... CommerceOne is a
HMDA reporter - and lending
only to whites, not to any
African American...
There are extensive consumer
complaints against the
applicant(s) here; the FRB has
taken the problematic position
that even the CFPB complaint
database is not "substantive."
FFW objects, and requests a
hearing.
Ten days later,
Sullivan & Cromwell
submitted an entirely
dismissive response, to which
FFW immediately replied, with
2025 HMDA data and more -
including S&C being
slammed for misusing AI in
court.
And on May 7, the
Fed asked CommerceOne /
Compass Sub North questions,
including "Describe specific
actions New CommerceOne would
take to strengthen and enhance
Green Dot Bank’s complaints
management program and to
reduce the number of customer
complaints the bank receives.
Describe any new systems,
additional staffing, and new
operations New CommerceOne
would implement at Green Dot
Bank to strengthen and enhance
its complaints management
program. 6. Provide a detailed
timeline New CommerceOne would
expect Green Dot Bank to
address each of the corrective
actions of the Consent Order
after the acquisition"
and saying, "Please provide a
copy of the public portion of
your response to the
commenter, Mr. Matthew Lee."
On Saturday, May
16 Sullivan & Cromwell
sent Inner City Press a
heavily redacted answer -
information about Bill Smith
removed, and any moves to
address the predatory lending
consent order. On Inner City
Press' DocumentCloud here
Inner City Press
immediately email a FOIA
request to the Board, whose
FOIA portal has been broken
for weeks. What is happening
at the Fed? Watch this site.
Watch this
site.
***
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