Keefe Bruyette analyst Sanjay Sakhrani notes Discover has put out an 8-K including the Federal Deposit Insurance Corporation’s consent order, which essentially requires it to improve its consumer compliance management systems and oversight. Importantly, Discover has agreed to improve said systems, enhance related corporate governance practices, and increase the level of Board oversight on such matters. Notably, the order does not contain any monetary penalties or fines, and Discover, without admitting or denying any charges or unsafe or unsound banking practices or violations of law or regulation, has consented to the issuance of the consent order, the firm highlights. Keefe Bruyette has an Outperform rating on the shares with a price target of $137.
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