Discover Enters into Written Agreement with Fed on AML

By Colin Wilhelm May 28, 2015, 6:01 p.m. EDT 1 Min Read

Consumer banking

Discover's Earnings Fall as Expenses Rise, Provision Grows

Discover Financial Services reported a 7% drop in quarterly earnings on Tuesday, driven by rising expenses, a growing loss provision and shrinking yields in its flagship credit card business.

By Kevin Wack

April 21
Consumer banking

Discover Shows Strength in Cards, Vulnerability Elsewhere

The company lowered its forecast for credit card losses Thursday, but also acknowledged weaknesses in some of its smaller business lines such as mortgages and U.S. debit cards.

By Kevin Wack

February 27

Discover Financial Services has entered into a written agreement with the Federal Reserve to improve its anti-money laundering procedures.

The Federal Reserve Bank of Chicago's written agreement requires the Riverwoods, Ill., company to add more personnel, systems and other resources for Bank Secrecy Act and anti-money laundering compliance.

Discover had previously said that the Fed would pursue an enforcement action against it for deficiencies in anti-money laundering. Discover remains subject to a June 2014 consent order with the Federal Deposit Insurance Corp., also related to anti-money laundering compliance.

A Discover spokesperson declined to comment.

Colin Wilhelm

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