US EditionDiscover hit with $250m in fines as FDIC demands major merchant restitution
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Discover hit with $250m in fines as FDIC demands major merchant restitution
The Federal Deposit Insurance Corporation (FDIC) has announced three enforcement actions against Discover Bank, headquartered in Greenwood, Delaware, in response to longstanding issues with credit card classification that resulted in merchants being overcharged more than $1bn in interchange fees. The FDIC issued an Amended and Restated Consent Order requiring Discover Bank to implement corrective action, an Order for Restitution mandating a plan…
Discover Faces $12 Billion Restitution Order Over Interchange Fees | Fintech InShorts: Latest fintech news, analysis by experts
A Major Financial Setback for Discover: Implications of the $12 Billion Restitution Order on Interchange Fees Highlights: Discover has been ordered to pay $12 billion in restitution related to interchange fees. The ruling could have significant impacts on the payment processing industry. This order emphasizes the ongoing scrutiny of interchange fee practices. Discover’s recent $12 billion restitution order marks a pivotal moment for the company…
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