DISCOVER FDIC probe

[CreditCuriosity]

https://www.marketwatch.com/story/discover-stock-falls-more-than-8-after-company-discloses-accountin...

currently down 16% being their stock for today.  Sure it will recover.  

[AndySoCal]

@CreditCuriosity  It would be interesting to know what the consumer compliance issue is. The fact that Discover is talking to and I presume trying to work with the FDIC is good. You do not fight with regulators the vast majority of the time you do not win those fights.

[CreditCuriosity]

Ya be interesting, but really hit their stock today closed 17% down.

[AndySoCal]

@CreditCuriosity  I found this on the FDIC probe

https://www.paymentsdive.com/news/discover-facing-fdic-probe-payments-compliance-pricing-error-secon... 

[AndySoCal]

This is related to the earlier postss. The CEO stated earlier as part of their earnings report that Discover was not spending enough on compliance and related issues. Also, he stated more money was budgeted for these issues and it was his fault for not budeting more for compliance.  The move of yesterday is tied to what happened earlier.

https://investorrelations.discover.com/newsroom/press-releases/press-release-details/2023/Discover-F... 

On personal  note I am Discover Bank and Discover Card customer and have been for years. I have no plan to leave Discover at this time.  I do have back ups if need be.

[CreditCuriosity]

As a side to this the CEO resigned due to apparently this situation.

https://www.pymnts.com/credit-cards/2023/discover-financial-ceo-resigns-amid-regulatory-review/

[AndySoCal]

@CreditCuriosity 

Here is an update

https://www.investopedia.com/discover-shares-jump-after-reaching-consent-agreement-with-the-fdic-830...