Skip to content
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Cart
  • Inside Mortgage Finance
  • MBS & ABS
  • The GSEs
  • The CFPB
  • Mortgage Trends
  • FHA/VA Lending
  • Nonconforming Markets
  • Data
    • Subscribe to Data
Home » CFPB Hits Discover Bank with $18.5 Million Settlement Order
Looking to read the full article? Register for free access to IMFnews content today!

CFPB Hits Discover Bank with $18.5 Million Settlement Order

July 27, 2015
The CFPB last week brought an $18.5 million enforcement action against Discover Bank and its student loan affiliates for engaging in allegedly illegal private student loan servicing practices. The bureau’s enforcement action “demonstrates how Discover failed at providing the most basic functions of adequate student loan servicing for a portion of the loans that were transferred from Citibank,” said the bureau. Thousands of consumers encountered problems as soon as their loans became due and Discover gave them account statements that overstated their minimum payment, the CFPB said. Also, “Discover denied consumers information that they would have needed to obtain tax benefits and called consumers’ mobile phones at inappropriate times to contact them about their debts.” The CFPB concluded that the ...
News Inside Mortgage Finance Inside the CFPB Servicing Enforcement Regulation Supervision & Examination Non-Mortgage Regulation Student Loans
Purchase this article for $55.00
Subscribe To The Newsletter

Latest Imf News

  • Rocket Leads Home Equity Lenders in 1Q, a First for a Nonbank

  • Freddie Mac’s Investment Portfolio Shrinks in May

  • MBS Participants Want Changes to Basel Re-Proposal

  • Acra Offering its First Expanded-Credit MBS since 2024

More Imf News

Featured Data

  • Non-Agency MBS and GSEs Gain in First Quarter

  • GSE Servicing Share Falling to Pre-Pandemic Levels

  • Merchants, Northpointe Increase Warehouse Share

  • Ginnie Issuance Down in May as Refis Slump

More Featured Data

Featured Reports

  • IMF HMDA Dashboard: 2025

  • 2026 Mortgage Market Statistical Annual (PDF)

  • IMF Mortgage Directory: Full interactive database

  • Agency Seller-Issuer Profile: 1Q26 (PDF)

More Latest Reports

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

View Results
  • About
    • About Inside Mortgage Finance
    • Contact Us
    • Advertising
    • Privacy Policy/Terms
    • Article Reprints/Web Postings
    • Copyright FAQ
  • Customer Center
    • Subscribe
    • Request a Sample
    • Account Inquiries
    • Change of Address
    • Change of Delivery Method
    • Data Licensing
    • Password Reminder
    • Group Subscriptions
    • Refunds
    • Renew Your Subscription
    • E-mail Newsletters
  • Mortgage Data
    • Origination
    • Servicing and Portfolios
    • Mortgage Insurance
    • Securitization
    • Agency MBS Activity
    • Non-Agency MBS Activity
    • MBS Investor Activity
    • ABS Activity
    • Commercial MBS Activity
    • Funding Activity
    • Earnings and Financials
    • Regulatory Data
    • Mortgage Rates and Terms
    • Subscribe to Data
    • Lender Profiles
    • HMDA Dashboard
    • Contacts Directory
    • Custom Data
    • Data Licensing
  • Reports
    • Data Reports
    • Industry Studies
    • Regulatory Reports
    • Statistical Annual
    • Free Reports

© Copyright 2026 Inside Mortgage Finance Publications
Design, CMS, Hosting & Web Development :: ePublishing