Issuer to become commercial bank
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Times Wire Reports
Discover Financial Services, the fourth-largest credit card network, won approval to become a bank-holding company, joining American Express Co. and other financial firms in a rush for government funds and retail deposits.
The Federal Reserve approved the company’s conversion, according to a regulatory filing. The change may make Riverwoods, Ill.-based Discover eligible for funds from the Treasury’s rescue plan to bolster financial firms.
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