CFPB Gets Settlement With Discover Over Add-On Services That Consumers Were Tricked Into Buying

As explained in this LA Times story, "[m]ore than 3.5 million Discover credit card customers will share $200
million in refunds in the wake of a federal investigation [by the Consumer Financial Protection Bureau and the FDIC] that
determined the bank tricked people into signing up for payment
protection plans and other add-on services." The director of U.S. PIRG's consumer program, Ed Mierzwinski, is quoted as saying that "[b]anks have been doing this for years," and attributed the federal enforcement in this case to the presence of the CFPB, noting that "we never had a [bank] regulator who
protected consumers before."

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