Discover Financial Soars 7% After Committing to Consumer Compliance Improvement with FDIC

Discover Financial Services saw a 7% increase in its stock price after agreeing to enhance consumer compliance and corporate governance as part of a consent order with the FDIC. The bank has been taking steps to strengthen its compliance management system and address issues identified in the order. In addition to the consent order, Discover is also undergoing a regulatory review related to misclassified credit card accounts. The company has paused share repurchases and may face further enforcement actions or supervisory activity from the FDIC and other regulators.