{
  "docId": "019dd923-622c-750b-8b99-91010c0bd592",
  "docSlug": "937587dba6b9",
  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-09-20 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 68,
  "pageCount": 125,
  "prevPage": 67,
  "nextPage": 69,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "The slide uses a combination of regulatory excerpts and community forum commentary to build a case against Intuit's partner selection.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-91010c0bd592/68",
  "deckHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592#slide-68",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.33
      },
      "kind": "callout",
      "text": "Could This be Intuit? – It Sure Looks Like It\nGreen Dot Bank a Problematic Partner Regardless",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00bfa24b-ed2d-4039-8b1c-96e5075ecf6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe it is potentially Intuit and that the incident further highlights Intuit’s reliance on questionable partners.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be39-8f0d5cb24fcc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.46,
        "x": 0.52,
        "y": 0.66
      },
      "kind": "image",
      "text": "Santa Barbara Tax Products Group (SBTPG) website noting partnership with Intuit ProTax products:",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7fff0922-bb86-4646-90b3-95c2b7a25d38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.14,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We previously discussed a breadth of issues related to QuickBooks partner Green Dot. TurboTax also has a partnership with Green Dot, which provides the Turbo Visa Debit Card through a subsidiary. The Federal Reserve recently fined issuer Green Dot Bank $44 million for “consumer compliance breakdowns, ...numerous unfair and deceptive practices and a deficient consumer compliance risk management program” related to a debit card product offered in conjunction with a “major tax preparer.” We believe it is potentially Intuit and that the incident further highlights Intuit’s reliance on questionable partners.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e36d291-4950-4278-8b92-68e4f65aea73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.48,
        "x": 0.02,
        "y": 0.74
      },
      "kind": "paragraph",
      "text": "Commentary on the TurboTax Community website clearly indicates that SBTPG is a card/bank partner: TPG (or SBTPG) is Santa Barbara Tax Products Group, which is an intermediary company that initially receives one’s Federal refund if one chose to pay any TurboTax fees out of a Federal refund.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e13691b-ef6c-4209-af19-7c6cf90c043c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.48,
        "x": 0.02,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "Federal Reserve Board takes action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b17524d0-2301-4c35-abf1-c07ee89e8fd1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.46,
        "x": 0.52,
        "y": 0.83
      },
      "kind": "paragraph",
      "text": "We note that H&R Block uses Axos Bank as its card partner (website).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eead266c-b8fe-4079-93a8-c4ccf1f12501",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "consumer compliance breakdowns, ...numerous unfair and deceptive practices and a deficient consumer compliance risk management program — Federal Reserve Board",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be39-9149975fd7f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Federal Reserve Board press release, Federal Reserve Board complaint against Green Dot Bank, Intuit website, Spruce Point Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b00e2b07-bd7f-4db4-b01b-0b5034baeb3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.23,
        "w": 0.46,
        "x": 0.52,
        "y": 0.41
      },
      "kind": "table",
      "text": "Excerpt from Federal Reserve Board complaint: Tax Return Preparation Payment Services Fees E. From January 2017 through December 2022, Santa Barbara Tax Products Group (“TPG”), a wholly owned nonbank subsidiary of the Holding Company that has contracted with a third party, a major tax preparer, to offer tax return preparation payment services to the major tax preparer’s customers, engaged in a deceptive act or practice by failing to disclose clearly and conspicuously to the major tax preparer’s customers the full cost of their tax refund processing",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a20597a7-5f98-4f0b-aba6-8d62f65333e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.67,
        "x": 0.31,
        "y": 0.02
      },
      "kind": "title",
      "text": "Equally Troubling, TurboTax Partner Green Dot Was Just Fined $44 Million By The Federal Reserve Board, Potentially In Part For An Intuit Co-Branded Product",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a29cf7bc-f422-43cd-8637-c90702a46b10",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 70,
      "from": 60,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3a181ada-8a80-4196-99c4-dd9d00ad32fd",
      "evidence": "The authors present a series of concerns related to Intuit's business practices, highlighting potential risks and negative consequences.",
      "position": 2,
      "objective": "to highlight the potential consequences of Intuit's alleged malfeasance",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}