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.
2025-10-02T16:32:00Z By Oscar Gonzalez
The Federal Trade Commission (FTC) accused business credit reporting company Dun & Bradstreet of failing to comply with the commission’s 2022 order.
2025-10-02T15:22:00Z By Aly McDevitt
The Consumer Financial Protection Bureau (CFPB) terminated two consent orders with mortgage lenders in September as the agency’s enforcement power shrinks under Trump-era cuts.
2025-09-26T19:28:00Z By Oscar Gonzalez
Amazon settled a complaint with the U.S. Federal Trade Commission Thursday over allegedly enrolling consumers into its Amazon Prime subscription and making it difficult to cancel. The FTC says the amount of the settlement is one of the biggest in its history.
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