Green Dot Corporation announced that its subsidiary bank, Green Dot Bank, received required regulatory approvals from the Board of Governors of the Federal Reserve System and the Utah Department of Financial Institutions related to the pending acquisition of the legacy Walmart MoneyCard Portfolio from GE Capital Retail Bank.

Green Dot said the consummation of the transaction is subject to closing conditions, including, among other things, the Department of Justice’s required 15-day waiting period. The transaction is expected to close during the first quarter of 2014.

Previously on monitordaily.com GE Plans Partial IPO of Retail Finance Unit, November 18, 2013