Discover Says CFPB Probe May Have ‘Adverse Impact’ on Net Income
This article is for subscribers only.
Discover Financial Services, the sixth-biggest U.S. credit-card issuer by customer spending, said a federal probe into the lender’s marketing practices may hurt net income.
The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp. have told Discover they plan to take a joint enforcement action over the company’s marketing of fee-based products, including payment protection, the Riverwoods, Illinois-based firm said yesterday in an annual filing.