CFPB Probing Discover Bank's Student Loan Practices

Law360, New York (February 25, 2014, 2:10 PM EST) -- Discover Financial Services said Tuesday the Consumer Protection Financial Bureau has demanded that the company turn over documents and information regarding certain Discover Bank student loan-servicing practices.

In an annual report submitted to the U.S. Securities and Exchange Commission, Discover said it is cooperating with the CFPB, which continues to flex its muscle as a student loan industry watchdog.

“There is significant legislative and regulatory focus on the student loan market, including by the CFPB. This regulatory focus has resulted in an increase in supervisory examinations...
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