Discover Financial Services in Riverwood, Ill., disclosed that its bank agreed to a consent order with the Federal Deposit Insurance Corp.
The company said in a regulatory filing that the Sept. 25 order requires Discover Bank to address compliance shortcomings with consumer protection laws.
Discover Bank agreed to improve its consumer compliance management system and enhance related corporate governance and enterprise risk management practices. It will also increase board oversight over those issues.
Discover said its bank had already been “taking significant steps” to improve its compliance.
The consent order does not increase any monetary penalties or fines.