On July 20, 2022, after the market closed, Discover Financial Services announced Q2 2022 financial results. The company disclosed it had suspended share repurchases and started an internal investigation into compliance practices within the student-loan servicing business.
Discover Financial Services previously faced regulatory scrutiny related to its student-loan business in 2015 when the company agreed to a consent order with the Consumer Financial Protection Bureau regarding private student-loan servicing practices.
Shares of Discover Financial Services stock dropped more than 8% in intraday trading on July 21, 2022.
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