Kelly McNamara Corley, general counsel of Discover Financial Services, is going to be busy the next two months revising her company’s compliance program under orders of two federal regulators. Worse, she is going to have the company’s board of directors and an independent auditor closely watching over her shoulder.
On Sept. 24, the Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp. jointly accused Discover Bank, the subsidiary that issues Discover credit cards, of using deceptive telemarketing and sales practices. They gave Discover 60 days to reform its compliance regime.
