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DISCOVER FDIC probe

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CreditCuriosity
Moderator Emeritus

DISCOVER FDIC probe

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.  

 

 

Message 1 of 7
6 REPLIES 6
AndySoCal
Valued Contributor

Re: DISCOVER FDIC probe

@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.

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican CU

Pelican State CU Redstone FCU

Message 2 of 7
CreditCuriosity
Moderator Emeritus

Re: DISCOVER FDIC probe

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

Message 3 of 7
AndySoCal
Valued Contributor

Re: DISCOVER FDIC probe

@CreditCuriosity  I found this on the FDIC probe

 

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

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican CU

Pelican State CU Redstone FCU

Message 4 of 7
AndySoCal
Valued Contributor

Re: DISCOVER FDIC probe

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.

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican CU

Pelican State CU Redstone FCU

Message 5 of 7
CreditCuriosity
Moderator Emeritus

Re: DISCOVER FDIC probe

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/

Message 6 of 7
AndySoCal
Valued Contributor

Re: DISCOVER FDIC probe

@CreditCuriosity 

 

Here is an update

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

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican CU

Pelican State CU Redstone FCU

Message 7 of 7
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