Green Dot Appoints Mike Althouse as Chief Compliance Officer

Rhea-AI Summary

Green Dot Corporation (NYSE: GDOT) has appointed Mike Althouse as Chief Compliance Officer, tasked with overseeing compliance programs to ensure adherence to regulations. Althouse, with over 20 years of experience in compliance, will report to CEO Greg Quarles. He aims to align the compliance strategy to support Green Dot's growth, particularly as a digital bank with its own charter. His previous roles include positions at The Bancorp and Barclays U.S. Consumer Bank, highlighting his extensive background in the financial sector.

Positive

• Mike Althouse's appointment may enhance the compliance framework, supporting Green Dot's growth strategy.
• Althouse brings over two decades of compliance experience from reputable financial institutions.

Negative

• Potential challenges in aligning new compliance strategies with existing operational frameworks.

PASADENA, Calif.--(BUSINESS WIRE)-- Green Dot Corporation (NYSE: GDOT) today announced the appointment of Mike Althouse as Chief Compliance Officer. In this role, Althouse will oversee the company’s compliance programs and work to ensure the digital bank adheres to all state and federal regulations as it strives to seamlessly connect people to their money. Althouse will report to the CEO of Green Dot Bank, Greg Quarles.

“Green Dot is well-positioned for growth with its own bank charter, leading products, world-class partners and a tremendously talented workforce, and I’m thrilled to join the team,” said Mr. Althouse. “Aligning the company’s compliance program and strategy to support its growth trajectory is critical, and it’s a responsibility I’m proud to accept.”

Althouse brings more than two decades of compliance leadership experience to Green Dot. He joins the company from The Bancorp, where he served as Chief Compliance Officer responsible for overseeing and improving the bank’s compliance programs spanning the consumer and commercial deposit and lending divisions, which included community banking, private-label banking, prepaid card, institutional banking, leasing and small business lending.

“Green Dot’s bank charter is a strong competitive differentiator and one of our most unique assets as a fintech focused on addressing the most pressing financial challenges of consumers and small businesses,” said Greg Quarles, CEO, Green Dot Bank. “Mike’s experience leading compliance programs for a variety of leading financial institutions will help ensure we maintain the highest standards of compliance as our company continues to grow and evolve.”

Prior to The Bancorp, Althouse served as Deputy Chief Compliance Officer of Barclays U.S. Consumer Bank, leading the Advisory team and providing oversight of regulatory, conduct and reputation risk management activities. Prior to that, he held roles as Head of U.S. Credit Compliance for PayPal and as Compliance Lead for a Private Label Credit Card program at Capital One.

About Green Dot

Green Dot Corporation (NYSE: GDOT) is a financial technology and registered bank holding company committed to delivering trusted, best-in-class money management and payment solutions to customers and partners, seamlessly connecting people to their money. Green Dot’s proprietary technology enables it to build products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money and making financial empowerment more accessible for all.

Green Dot offers a broad set of financial services to consumers and businesses including debit, checking, credit, prepaid, and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. Its flagship digital banking platform GO2bank offers consumers simple and accessible mobile banking designed to help improve financial health over time. The company’s banking platform services business enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy customized, seamless, value-driven money management solutions for their customers.

Founded in 1999, Green Dot has served more than 33 million customers directly and many millions more through its partners. The Green Dot Network of more than 90,000 retail distribution locations nationwide, more than all remaining bank branches in the U.S. combined, enables it to operate primarily as a “branchless bank.” Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC¹. For more information about Green Dot’s products and services, please visit www.greendot.com.

¹ Green Dot Bank also operates under the following registered trade names: GO2Bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210826005185/en/

Whit Chapman

wchapman@greendotcorp.com

Source: Green Dot Corporation

FAQ

Who is the new Chief Compliance Officer of Green Dot Corporation?

Mike Althouse has been appointed as the new Chief Compliance Officer of Green Dot Corporation.

What experience does Mike Althouse bring to Green Dot?

Mike Althouse has over 20 years of compliance leadership experience from various financial institutions, including The Bancorp and Barclays.

How might Mike Althouse's role impact Green Dot's growth?

Althouse's role in overseeing compliance is critical to aligning the compliance strategy with Green Dot's growth goals as a digital bank.