Discover Bank, the Student Loan Corporation, and Discover Products, Inc.
Enforcement, Add-On Products, Student Loans, Credit Cards, Debt Collection
In 2015, the CFPB fined Discover Bank for engaging in “illegal student loan servicing tactics,” that affected “about 100,000 consumers.” The bank also “overstated the minimum amounts due each month, violated debt collection practices and denied customers information needed to get federal income tax breaks.” The bank was required to “refund $16 million to student loan customers and pay a $2.5 million penalty” per the consent order.
Inactive or Resolved
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