The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) have announced a joint public enforcement action requiring Discover Bank to refund around $200 million to over 3.5 million consumers.
The joint investigation found Discover used “deceptive telemarking and sales tactics” to lead consumers into purchasing credit card “add-on products” between December 1, 2007 and August 31, 2011.
Discover will also pay a $14 million civil money penalty with $7 million going to the U.S. Treasury and the CFPB’s Civil Penalty Fund each.
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