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FDIC orders Discover Bank to distribute over $1.2B to harmed merchants
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Government Oversight, Industry Regulation
Tuesday, April 29, 2025
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The Federal Deposit Insurance Corp. ordered Discover Bank of Greenwood, Del., to distribute at least $1.225 billion to merchants adversely affected by the bank’s misclassification of millions of consumer credit cards as commercial. The bank’s parent holding company, Discover Financial Services, was fined $100 million in a concurrent order.
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