Last $62.60 USD
Change Today -0.06 / -0.10%
Volume 1.2M
DFS On Other Exchanges
As of 8:04 PM 08/26/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

2500 Lake Cook Road

Riverwoods, IL 60015

United States

Phone: 224-405-0900


consumer spending and payment patterns around the winter holidays, summer vacations and back-to-school periods. In its student loan business, the company’s loan disbursements peak at the beginning of a school's academic semester or quarter. Although there is a seasonal impact to transaction volumes and the levels of credit card and student loan receivables, seasonal trends have not caused significant fluctuations in its results of operations or credit quality metrics between quarterly and annual periods. Competition The company competes for accounts and utilization with cards issued by other financial institutions (including American Express, Bank of America, Capital One, JPMorgan Chase, and Citi). The company’s student loan product competes for customers with Sallie Mae and Wells Fargo, as well as other financial institutions that offer student loans. Its personal loan product competes for customers primarily with JPMorgan Chase, Capital One, Wells Fargo and Citi. The company’s home loan product competes for customers primarily with traditional lending institutions, namely Wells Fargo, Bank of America, JPMorgan Chase and Citi, which operate in multiple distribution channels, including direct to consumer. Its home equity product faces competition primarily from traditional branch lending institutions like Wells Fargo, JP Morgan Chase, US Bank and PNC. The Diners Club and Discover networks' primary competitors are Visa, MasterCard and American Express, and PULSE's network competitors include Visa's Interlink, MasterCard's Maestro and First Data's STAR. American Express is a particularly ,major competitor to Diners Club as both cards target international business travelers. In its direct-to-consumer deposits business, the company has acquisition and servicing capabilities similar to other direct competitors, including USAA, Ally Financial, American Express, Capital One (360), Sallie Mae and Barclays. The company also competes with traditional banks and credit unions that source deposits through branch locations. Supervision and Regulation The company’s operations are subject to extensive regulation, supervision and examination under U.S. federal, state and foreign laws and regulations. As a bank holding company under the Bank Holding Company Act of 1956 and a financial holding company under the Gramm-Leach-Bliley Act, it is subject to the supervision, examination and regulation of the Federal Reserve. As a large provider of consumer financial services, the company is subject to the supervision, examination and regulation of the Consumer Financial Protection Bureau (the CFPB). Discover Bank is chartered and regulated by the Office of the Delaware State Bank Commissioner (the Delaware Commissioner), and is also regulated by the Federal Deposit Insurance Corporation (the FDIC), which insures its deposits up to applicable limits and serves as the bank's primary federal banking regulator. The company’s other bank, Bank of New Castle, is also chartered and regulated by the Delaware Commissioner and insured and regulated by the FDIC. The Dodd-Frank Wall Street Reform and Consumer Protection Act established the CFPB, which regulates consumer financial products and services and certain financial services providers, including the company. Discover Home Loans is subject to examination and supervision by state mortgage regulatory agencies, as well as the CFPB, the Federal Reserve, and other federal agencies. Being a financial holding company under the Gramm-Leach-Bliley Act requires that the depository institutions that the company controls meet certain criteria, including capital, management and Community Reinvestment Act requirements. The company’s Discover and PULSE networks are subject to examination under the oversight of the Federal Financial Institutions Examination Council, an interagency body composed of the federal bank regulators, and the National Credit Union Association. The relationship between the company and its U.S. customers is regulated extensively under federal and state consumer protection laws. Federal laws include the Truth in Lending Act, the Equal Credit Opportunity Act, the Fa


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