I believe that this deal could offer new vigor to your lending industry that is payday.

Green Dot is really a closely held business with a collection of major investors which have associates for the slim world associated with debit card market that is prepaid. Green Dot has filed a software to purchase Bonneville Bank, a tiny one-branch state-chartered bank in Utah. The Federal Reserve is reviewing that application. There is some conversation concerning the part of Wal-Mart in this transaction. Will this enable Wal-Mart to own a bank effectively? This is certainly a question that is valid but i really believe there is another pressing problem that should be remedied.

The rights to an unsullied bank charter, the Fed could empower high-cost subprime lenders to dramatically increase the scope of their business by giving the owners of Green Dot. This deal involves a dollar that is small, nonetheless it holds the prospective to affect an incredible number of households. Read More Here…