- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-08-21T18:20:00
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 recent call with analysts.
In a business update call Thursday, Discover Chief Financial Officer John Greene said the company had “historically underinvested” in compliance and that the company was “paying the price right now.”
“We’re going to make sure we don’t underinvest going forward,” he said, adding the company is “ensuring that we don’t put profits before compliance excellence.”
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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.
Discover Financial Services faces a class-action lawsuit from investors alleging materially false and misleading statements regarding its business, operations, and compliance policies.
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The Department of Justice’s renewed scrutiny toward a corporation’s approach to the use of personal devices strengthens the case for companies to get away from bring your own device, a panelist at Compliance Week’s 2024 National Conference argued.
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Examiners with the Securities and Exchange Commission found investment advisory firms have generally done well creating processes to comply with the agency’s amended marketing rule but some have fallen short in ensuring compliance.
