News Topic: Synchrony
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Synchrony ‘very encouraged’ by consumers’ resilience amid inflation
Synchrony goes all in on agile methodology
Synchrony boosts its minimum wage to $20 per hour
New Synchrony CEO bets on health care, e-commerce to drive growth
Synchrony reorganizes under new CEO
Berkshire exits Synchrony bet, adds stake in broker Aon
Gap, Synchrony to end two-decade card deal after talks faltered
Synchrony forecasts higher loan volumes, weaker credit in second half
Like other card issuers, the Stamford, Conn., company expects current trends — soft loan demand but strong credit quality — to reverse later this year as the economy emerges from the pandemic-induced recession. ... Read full article
Synchrony buying health care-focused installment lender
The Stamford, Conn., company is acquiring Allegro, a California lender that finances the purchase of hearing aids and other health-related products or services. It’s aiming to capitalize on the rising popularity of point-of-sale lending and a need for more ... Read full article
Shifting consumer needs put new Synchrony CEO to the test
Synchrony wasn’t unscathed by the pandemic — consumer spending slowed during the first half of the year — but its mix of private-label and cobranded cards for everyday items suffered far less than other issuers' cards that emphasized luxury and ... Read full article
Keane stepping down as Synchrony CEO
The Stamford, Conn.-based credit card issuer said Tuesday that Brian Doubles, the president and former chief financial officer, will succeed Margaret Keane in April. ... Read full article
Synchrony, PayActiv join CFPB's compliance sandbox
The Consumer Financial Protection Bureau is giving the credit card issuer and the fintech firm some regulatory latitude to develop specific new products. ... Read full article
How much longer will consumer credit hold up?
Payment rates for auto lenders and credit card issuers have remained strong despite a spike in unemployment. Whether these trends continue into 2021 will depend largely on the actions of Congress and the pace of medical advances. ... Read full article
Synchrony says all U.S. employees can work from home permanently
The new policy will allow the company to close some work sites and reduce the size of others. It’s part of a broader effort to cut expenses to help offset revenue declines brought on by the coronavirus pandemic. ... Read full article
Banks join push to give workers time off to vote
The move is part of the effort by banks and other companies to promote racial equity and be more sensitive to the stresses on front-line employees. It also coincides with rising concerns about the postal system’s ability to handle the rush of absentee ... Read full article
PayPal vows action after advocates flag ties to unaccredited schools
A borrower advocacy group is asking federal banking regulators to investigate PayPal and Synchrony Financial, which partner on a product that is used to offer high-cost education financing. ... Read full article
Lenders fear mass defaults unless unemployment benefits are extended
The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills. ... Read full article
New Verizon credit card reflects shifts in consumers’ spending habits
With Americans traveling less due to the pandemic, the card, issued by Synchrony, is tailoring rewards to everyday purchases, such as groceries. It also has a contactless feature that could appeal to shoppers fearful of touching terminals. ... Read full article
Credit card lenders clamp down to mitigate coronavirus risk
Since March, issuers have tightened their criteria for opening new accounts and closed millions of existing ones in hopes of avoiding waves of defaults. ... Read full article