Reuters: Regulatory News: Discover to refund consumers $200 million over marketing tactics

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Discover to refund consumers $200 million over marketing tactics Sep 24th 2012, 15:03 Sept 24 | Mon Sep 24, 2012 11:03am EDT Sept 24 (Reuters) - The Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau on Monday ordered Discover Bank to pay a $200 million consumer refund for what the regulators described as "deceptive marketing" tactics. The regulators also ordered Discover, a unit of Discover Financial Services, to pay a $14 million civil penalty for allegedly misleading consumers into paying for credit card "add-on" products, according to a joint order. Discover neither admitted nor denied the allegations, according to the order. On Friday, the banking and payment services company's chairman and chief executive, David Nelms, said in a statement that his company remains "committed to marketing our products responsibly."

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