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Green Dot Bank, an Apple financial partner for Apple Cash and other services, was fined $44 million by the Federal Reserve for its tax preparation services. The penalty is unrelated to its role in any Apple service.

Utah-based Green Dot is one of the banks that powers financial services for companies like Apple and Walmart. Despite its massive cash reserves, Apple is required by law to use banking partners to offer products like installment financing or Apple Cash transactions. The U.S. government found that Green Dot engaged in "numerous unfair and deceptive practices and a deficient consumer compliance risk management program" related to the services provided by the bank itself.

The bank was penalized for failing to disclose fees associated with processing tax returns for customers who used its tax preparation services. The Fed also cited similar deceptive practices in the marketing of its prepaid debit card products.

Apple's other financial partners include Goldman Sachs, which was its initial partner for the Apple Card in the U.S., and Canadian financing Affirm.