News Topic: Synchrony

Discover is the latest card lender to say it's reining in credit lines as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans. ... Read full article

The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in ... Read full article

The credit card lender responded to the closing of Toys R Us stores last year by issuing Synchrony-branded cards to the retailer's customers. Now it's testing a general-purpose card with a wider array of clients. ... Read full article

Venmo’s P2P social payment app has become a major part of PayPal’s retail strategy, a play that’s getting a boost from a Synchrony co-branded credit card. ... Read full article

The launch of the products comes more than a year after Capital One wrested the Walmart partnership from Synchrony Financial. ... Read full article

After rising between 2016 and 2018, the card issuer's charge-off rates are now steady. The trend reflects both the impact of tighter underwriting standards and the continued resilience of U.S. consumers. ... Read full article

"Truist" was roundly mocked when it was unveiled as the name of the merging BB&T and SunTrust, but it’s hardly the first bank moniker to elicit a "huh?" from critics. ... Read full article

Targeting consumers with poor or thin credit, Amazon is offering a secured card with rewards on par with those offered to mainstream cardholders. ... Read full article

A year after it debuted, Bank of America's virtual assistant now counts some 150,000 users per week. It's one of the only large institutions pushing such technology. ... Read full article

Galileo Processing has created a digital banking product that seeks to provide wealth managers with the offering they generally lack: an in-house savings account that pays competitive rates. ... Read full article

New posts for two women executives at JPMorgan Chase spur a fresh round of speculation about the race to succeed CEO Jamie Dimon someday. And Comerica's heir apparent finally gets the call. ... Read full article

Brian Doubles, who had been chief financial officer, will continue to report to CEO Margaret Keane in the newly created role. ... Read full article

Banks say easing rules on people with some criminal records will diversify the applicant pool; deal with Synchrony may be near. ... Read full article

Measures of loan performance were generally better than expected at Ally, American Express, Synchrony and Sallie Mae. Their 1Q reports suggest that consumers remain able to meet their obligations despite a long run-up in debt. ... Read full article

There’s currently a focus on investing in technology and data to remain competitive, but financial firms also need to ensure they are helping workers adapt, argues Synchrony’s Margaret Keane. ... Read full article

Reports of improper charges by perpetrators who know the victim soared last year. Issuers and card networks are failing to tighten security, clearly label transactions and police chargebacks, critics say. ... Read full article

The bank and card program provider is starting to use AI in many areas, but it's also trying to build paths forward for employees whose jobs will be affected. ... Read full article

Though banks are generating more revenue from interchange and annual fees, those gains have been offset by declines in income from cash advances and late fees. ... Read full article