The parent company of Discover Card will pay out 200-million dollars in refunds. The case settles charges that it marketed deceptive credit card products. The company will also pay a 14-million-dollar fine. The Consumer Financial Protection Bureau says the company knowingly misled consumers about credit card extras like payment protection, credit report tracking and other "add-on" products. Discover didn't deny the allegations.
This marks the second major action by the recently formed Consumer Financial Protection Bureau. In July, Capital One was fined 210-million-dollars to resolve charges that it also misled consumers into paying for extra credit card products.