Wednesday, May 23, 2012
Green Dot Might See More Regulation
Monrovia-based Green Dot, the provider of prepaid credit cards, which allows people who are unlikely to qualify for a credit card or bank accounts to load up their credit cards with money, might be seeing more regulation soon, according to reports Wednesday. According to the Wall Street Journal, the Consumer Financial Protection Bureau is considering more regulations on cards like those provided by Green Dot, to better protect consumers. Green Dot is one of the most successful, venture backed startups to emerge from Southern California in recent years, and is now the largest provider nationwide of prepaid credit cards. Green Dot has its IPO in 2010, resulting in the best return ever for local investors like the Tech Coast Angels, along with its venture backers.