Discover Faces FDIC Action Over Product Marketing

Law360, New York (September 29, 2011, 8:51 PM EDT) -- The Federal Deposit Insurance Corp. is bringing an enforcement action against Discover Financial Services over its marketing of fee-based products, according to the bank's quarterly report released Wednesday.

In addition to the eight class actions launched since 2010 over Discover's payment protection fee product, it will now be forced to defend itself against the FDIC, which has recently been reviewing the Illinois-based bank's marketing practices.

"Since well before the FDIC's review began, Discover Bank has made changes to both its fee-based products and program, and Discover...
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