Federal banking regulators have laid the blame for Discover Financial Services charging merchants $1 billion in excessive credit card fees over 17 years squarely at the feet of company executives.

Following a two-year investigation into the misconduct, in April, the Federal Deposit Insurance Corporation (FDIC) ordered Discover to repay $1.2 billion in overcharges to merchants and fined it $150 million. The Federal Reserve Bank tacked on an additional $100 million fine.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...