Discover Financial Services' stock price fell as much as 3% on Friday after the company disclosed that the Federal Deposit Insurance Corp. (FDIC) is reviewing its marketing of payment protection and other fee-based products.

The Riverwoods, Ill., credit card lender said Friday in its quarterly earnings filing with the Securities and Exchange Commission (SEC) that the FDIC's review could lead to an enforcement action against the company.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.