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Jan. 26 (Bloomberg) -- Discover Financial Services, the sixth-biggest U.S. credit-card issuer by purchases, said a federal probe into the lender’s marketing of fee-based products could hurt net income.
“The exposure to loss for this matter could materially exceed” the $100 million Discover estimates it may cost to resolve all legal and regulatory matters, the Riverwoods, Illinois-based company said today in an annual filing.
The Consumer Financial Protection Bureau and Federal Deposit Insurance Corp. have told the company they plan to take a joint enforcement action over the marketing of fee-based products, including payment protection.
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