Focus on threats to members of the military and their families.Recommendedconsumer financial protection bureau buildingjudge . Puts temporary hold on cfpb plan to lay off most employeesfdic and federal reserve fine . Discover, alleging credit card misclassificationfundingthis week in fintech: from latin america to africa, funding focuses . On bb and platformstoku, funding, investments, bb, automation, accounts receivabletoku raises $ million to expand . Ar automation platform in latin americasee more in: cfpb, consumer financial protection bureau, consumer protection, .
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Government, layoffs, legal, national treasury how to avoid getting into a price war? employees union, news, nteu, pymnts news, regulations, trump administration, what’s . Hotfdic and federal reserve fine discover, alleging credit card misclassificationby pymnts | april , | . The federal deposit insurance corp. (fdic) and the federal reserve board fined discover financial services . And two subsidiaries, discover bank and dfs services llc, alleging that they misclassified consumer credit . Cards as commercial, thereby requiring merchants to pay higher interchange fees.
Said Wednesday (April ) That
The fdic said wednesday (april . ) that it ordered another foreign giant institution also rais its rating of chinese assets discover bank to pay $ billion in restitution and a $ . Million civil money penalty after finding that the bank misclassified consumer credit cards as commercial.This . Misclassification affected millions of consumer credit cards over years and resulted in higher interchange fees . For transactions processed on the discover network, the fdic said in a friday press release.
A Result of the Bank’s Misclassification,
“as . A result of the bank’s misclassification, merchants were overcharged over $ billion in interchange fees . When accepting payments with the fax database misclassified credit cards,” the release said.Reached by pymnts, discover said . In an emailed statement: “discover has been working with regulators to resolve the card misclassification . Issue and today’s announcements by the federal reserve and fdic highlight the significant progress we’ve .
Toward Resolving This Issue ”according to the
Made toward resolving this issue.”according to the fdic press release, the $ billion in restitution . Will be paid to merchants, merchant acquirers and other intermediaries that were adversely affected by . The misclassification of the credit cards.In a concurrent action, the federal reserve board issued a . Consent order requiring corrective action and assessing a civil money penalty of $ million against .
