The Consumer Financial Protection Bureau announced Wednesday that it is taking action against Discover Financial Services for illegal student loan servicing practices, charging it $18.5 million and ordering the company (and its affiliates) to clean up its billing, interest reporting and collection practices. This action follows a CFPB investigation that found that Discover overstated the minimum amounts due on billing statements, failed to provide student loan interest information required for certain tax benefits, and engaged in illegal debt collection practices by calling borrowers early in the morning or late at night.
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