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.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net