Discover Bank Faces $35 Million Penalty for Student Loan Violations

The Consumer Financial Protection Bureau (CFPB) announced last week a $35 million settlement with Discover Bank as a result of Discover’s violation of a previous (2015) consent order.

The Bureau found that Discover violated the 2015 Order’s requirements in several ways. Discover misrepresented the minimum loan payments consumers owed, the amount of interest consumers paid, and other material information, such as interest rates, payments, due dates, and the availability of rewards, among other things. Discover also…