By Aaron Nicodemus2025-07-08T19:50:00
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, 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.
The root of the problem, the banking regulators said, was that management at Discover failed to act even after regulators brought the issue to their attention following an FDIC examination in 2021.
2023-10-03T20:11:00Z By Jeff Dale
Discover Financial Services disclosed it avoided a monetary penalty in agreeing to a consent order with the Federal Deposit Insurance Corporation over alleged compliance shortcomings at its subsidiary bank.
2023-09-05T19:37:00Z By Jeff Dale
Discover Financial Services faces a class-action lawsuit from investors alleging materially false and misleading statements regarding its business, operations, and compliance policies.
2023-08-21T18:20:00Z By Aaron Nicodemus
Discover Financial Services is “paying the price” for underinvesting in compliance over the past several years and has been ramping up spending and hiring to catch up, two senior executives said in a call with analysts.
2025-07-31T18:47:00Z By Adrianne Appel
More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.
2025-07-31T16:44:00Z By Adrianne Appel
Kentucky took aim at Chinese company Temu, alleging in a lawsuit that it counterfeited popular Kentucky-designed merchandise and violated customers’ privacy.
2025-07-30T17:56:00Z By Aly McDevitt
The Department of Labor is using poultry processing company Mar-Jac Poultry as an example of what will happen when companies repeatedly employ underage workers in hazardous conditions. Hint: Companies can’t pin the blame on staffing agencies.
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