Green Dot CEO Steve Streit said he and Simmons have had conversations about an acquisition going back years.
Having his name associated with RushCard is a big reason why we are buying it.
Green Dot plans to retain the RushCard name and brand along with its other products. As part of the transaction, Streit said Green Dot will not be liable for any settlements tied to the 2015 incident. This includes the investigation still ongoing by the Consumer Financial Protection Bureau.