The FDIC and the CFPB said they have executed a joint public enforcement action that will require Discover Bank to refund approximately $200 million to more than 3.5 million consumers and pay a $14 million civil money penalty.
The agencies said Monday they jointly determined that Discover engaged in deceptive telemarketing tactics to sell the company's credit card add-on products such as payment protection, credit score tracking, identity theft protection and wallet protection.
The agencies said in a release that Discover's telemarketing scripts contained misleading language that deceived consumers about whether they were actually purchasing a product. Discover's telemarketers also often downplayed key terms and spoke quickly while disclosing prices and terms of the add-on products.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
