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Released: September 30, 2011
Discover expects U.S. ‘enforcement action’ over its marketing
Federal regulators plan to take enforcement action against Discover Financial Services, one of the nation’s largest issuers of credit cards. The allegation: Discover deceptively marketed to consumers programs that were supposed to protect consumers from being deceived.
At the heart of the issue are “fee-based products and programs” such as so-called identity theft protection plans, payment protection plans, wallet lost or stolen protection plans and a “credit score tracker.”
Discover Financial disclosed late Wednesday that it has been notified by the Federal Deposit Insurance Corp. of a looming enforcement action against Discover Bank, one of the company’s major units. Discover has not specifically commented on the propriety of its sales tactics, though it has said that those efforts have been changed.
Read Full Article: Discover expects U.S. ‘enforcement action’ over its marketing
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