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Discover CEO Resigns Over Compliance Problems

Discover CEO Resigns Over Compliance Problems

by Starling Insights

Starling Insights Editorial Board

Sep 12, 2023

Observations

Culture & Consequences Culture & Conduct Supervision Culture & Misconduct Challenges in Governance Limits of Compliance

ICYMI: Last month, Discover Financial Services announced that CEO Roger Hochschild would step down following a long-term underinvestment in compliance. This came after the firm disclosed in a July investor call that it had misclassified certain credit card accounts, beginning in 2007, leaving it liable for $365 million in remedial costs.

In that same call, Discover revealed that it had also received a proposed Consent Order from the US FDIC, concerning separate consumer compliance concerns. The firm was forced to pause stock buybacks while an "internal review of compliance, risk management and corporate governance is pending."

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