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Violation Tracker Individual Record

Company: Discover Bank
Current Parent Company: Discover Financial Services
Penalty: $214,000,000
Year: 2012
Date: September 24, 2012
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: credit card violation
Mega-Scandal: Credit Card Issuer Abuses
Violation Description: The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation announced a joint public enforcement action with an order requiring Discover Bank to refund approximately $200 million to more than 3.5 million consumers and pay a $14 million civil money penalty. The joint investigation concerned deceptive telemarketing and sales tactics used by Discover to mislead consumers into paying for various credit card add-on products -- payment protection, credit score tracking, identity theft protection, and wallet protection.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Illinois
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.