Discover ordered to pay at least $35 million over unlawful student-loan servicing practices
Company: Discover Financial Services
Summary
CFPB found Discover violated an earlier consent order and engaged in unfair and deceptive student-loan servicing practices, including unauthorized withdrawals and misrepresentations about minimum payments and interest. The 2020 order required at least $10 million in consumer redress and a $25 million civil penalty. Source: https://www.consumerfinance.gov/enforcement/actions/discover-bank-the-student-loan-corporation-and-discover-products-inc/