Synchrony Financial

From Wikipedia, the free encyclopedia
(Redirected from Synchrony Bank)

Template:Short description

Page Module:Message box/ambox.css has no content.

Page Module:Infobox/styles.css has no content.Page Template:Infobox company/styles.css has no content.

Synchrony Financial
Company type
Public
Page Template:Plainlist/styles.css has no content.
ISINScript error: No such module "WikidataIB".
IndustryScript error: No such module "WikidataIB".
PredecessorScript error: No such module "WikidataIB".
IncorporatedScript error: No such module "WikidataIB".
FoundedScript error: No such module "WikidataIB".
FounderScript error: No such module "WikidataIB".
DefunctScript error: No such module "WikidataIB".
SuccessorScript error: No such module "WikidataIB".
Headquarters
Draper, Utah, U.S.[1]
Key people
Page Template:Plainlist/styles.css has no content.
[2]
ProductsCredit cards
Payment systems
RevenueScript error: No such module "WikidataIB".
Script error: No such module "WikidataIB".
Script error: No such module "WikidataIB".
Total assetsScript error: No such module "WikidataIB".
Total equity Increase US$16.58 billion (2024)[3]
Number of employees
Script error: No such module "WikidataIB".
ParentScript error: No such module "WikidataIB".
Websitesynchrony.com

Script error: No such module "Check for conflicting parameters".Script error: No such module "Check for deprecated parameters".

Synchrony Financial is an American consumer financial services company with its headquarters in Draper, Utah, United States.[1] The company offers consumer financing products, including credit, promotional financing and loyalty programs, installment lending to industries and consumers through Synchrony Bank, its wholly owned online bank subsidiary.[3][5]

Brands partnered with Synchrony include Amazon,[6] Lowe's,[7] Guitar Center,[8] Cathay Pacific, Rakuten, Verizon, Sleep Number, Walgreens, and Sam's Club. Synchrony owns CareCredit, a credit card for medical and veterinary expenses.[9]

History

Previously named GE Capital Retail Finance Corporation, Synchrony was incorporated in Delaware in 2003. The company was inactive until 2013.[10][11][12][13] Centered on co-branded credit products, Synchrony went public in July 2014 and raised $2.88 billion in its initial public offering.[13]

In 2017, Synchrony acquired GPShopper.[14][15]

In 2018, Synchrony acquired Loop Commerce, which provides a digital gifting platform called GiftNow.[16][17] The same year, it acquired PayPal's $7.6 billion credit receivables portfolio[18][19] and became the exclusive issuer for the PayPal Credit point-of-sale financing program in the United States through 2028. [20]

GIC Private Limited, the sovereign wealth fund of Singapore, owned 7.72% of Synchrony's stock in 2019.[21] GIC exited its position in 2023.[22]

Controversy

In June 2014, shortly before Synchrony's New York Stock Exchange debut, the U.S. Consumer Financial Protection Bureau and the Department of Justice reached a $225 million settlement with the company after it entered into a consent decree with the Consumer Financial Protection Bureau. The settlement stated that while operating as GE Capital Bank, the company had engaged in deceptive and discriminatory credit card practices, primarily surrounding nefarious enrollment practices for add-on programs such as financial hardship relief.[23][24]

In 2020, consumer advocacy groups urged the Consumer Financial Protection Bureau and Comptroller of the Currency to investigate the use of PayPal Credit to pay tuition at for-profit schools, where students are generally ineligible for lower-cost federal loans.[25] The advocacy groups classified the 24% interest rates, $40 late fees, and aggressive collection practices as "predatory."[26]

In May 2024, a class action suit was filed in New York alleging that CareCredit's interest rates of 32.99% violate state usury laws. [27]

Synchrony-branded educational initiatives

In 2016, the University of Connecticut's School of Engineering announced the launch of Synchrony's Center of Excellence in Cybersecurity.[28]

In 2018, Synchrony opened an emerging tech center at the University of Illinois.[29]

In 2019, Synchrony opened the Synchrony Digital Technology Center at the University of Connecticut's Stamford campus.[30] During the dedication of the center, the company announced a $1 million donation to the "Connecticut Commitment" – an initiative aimed at helping lower-income Connecticut students attend the university, tuition-free.[30]

Synchrony operates "Innovation Stations" in Stamford, Connecticut; Chicago, Illinois; Kettering, Ohio and Hyderabad, India.[31]

References

  1. ^ a b Page Module:Citation/CS1/styles.css has no content."Synchrony Bank". www.fdic.gov.
  2. ^ Page Module:Citation/CS1/styles.css has no content.Bishop, Sue. "Synchrony Promotes Brian Doubles To President". PR Newswire (Press release). Synchrony. Retrieved 21 May 2019.
  3. ^ a b c d e f Page Module:Citation/CS1/styles.css has no content."Synchrony 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 7, 2025. Retrieved February 7, 2025.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Synchrony Financial on the Forbes Global 2000 List". Forbes. Retrieved 2016-10-04.
  5. ^ Page Module:Citation/CS1/styles.css has no content."Factsheet". Sychrony. Retrieved 16 April 2019.
  6. ^ Page Module:Citation/CS1/styles.css has no content.GuruFocus. "Warren Buffett And Seth Klarman Agree On One Stock – Synchrony Financial". Forbes. Retrieved 2020-04-24.
  7. ^ Page Module:Citation/CS1/styles.css has no content.Johnson, Andrew (March 13, 2014). "GE Plans Credit-Card IPO as Plastic Gets Popular; New Company to Be Called Synchrony Financial". The Wall Street Journal. Dow Jones & Company Inc. Retrieved June 3, 2015.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Passeri, James (April 17, 2015). "GE Spinoff Synchrony Financial Is Still Trying to Stand on Its Own". The Street. TheStreet, Inc. Retrieved June 3, 2015.
  9. ^ Page Module:Citation/CS1/styles.css has no content.Semuels, Alana (2025-01-14). "How Doctors Are Pushing Medical Credit Cards on Patients". TIME. Retrieved 2025-08-20.
  10. ^ Page Module:Citation/CS1/styles.css has no content."All SEC Filings". Synchrony Financial. Retrieved 2025-02-13.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Shah, Aman (13 March 2014). "GE files to spin off credit card unit". Reuters. Retrieved 17 June 2019.
  12. ^ Page Module:Citation/CS1/styles.css has no content.De La Merced, Michael (March 13, 2014). "G.E. Files to Spin Off Retail Finance Unit". New York Times.
  13. ^ a b Page Module:Citation/CS1/styles.css has no content."GE credit card unit Synchrony Financial prices IPO at $23 per share". Reuters. July 30, 2014.
  14. ^ Page Module:Citation/CS1/styles.css has no content."BRIEF-Synchrony Financial to buy GPShopper". Reuters. March 20, 2017.
  15. ^ Page Module:Citation/CS1/styles.css has no content.Rogers, Bruce. "Maya Mikhailov's Journey From Russia To Co-Founder Of GPShopper". Forbes. Retrieved 2020-03-23.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Synchrony To Acquire Loop Commerce". PARTNERSHIPS / ACQUISITIONS. PYMNTS. 10 May 2018. Retrieved 17 June 2019.
  17. ^ Page Module:Citation/CS1/styles.css has no content.Zacks. "Synchrony Financial Braces Portfolio With Loop Commerce Buy". www.nasdaq.com. Retrieved 2020-03-23.
  18. ^ Page Module:Citation/CS1/styles.css has no content."SYNCHRONY 2018 Form 10K Annual Report". www.sec.gov. Retrieved 16 April 2019.
  19. ^ Page Module:Citation/CS1/styles.css has no content.PayPal (July 3, 2018). "PayPal and Synchrony Complete Consumer Credit Receivables Sale". PayPal.
  20. ^ Page Module:Citation/CS1/styles.css has no content.Perez, Sarah (July 3, 2018). "PayPal sells its consumer credit portfolio to Synchrony for $7 billion". TechCrunch.
  21. ^ Page Module:Citation/CS1/styles.css has no content."Synchrony proxy statement". sec.gov. Securities and Exchange Commission.
  22. ^ Page Module:Citation/CS1/styles.css has no content."SCHEDULE 14A - Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934" (PDF). investors.synchrony.com.
  23. ^ Page Module:Citation/CS1/styles.css has no content."CFPB Orders GE Capital to Pay $225 Million in Consumer Relief for Deceptive and Discriminatory Credit Card Practices" (Press release). Consumer Financial Protection Bureau. June 19, 2014.
  24. ^ Page Module:Citation/CS1/styles.css has no content.Schneier, Cogan (14 June 2019). "GE Capital arm to pay record credit card settlement". USA Today.
  25. ^ Page Module:Citation/CS1/styles.css has no content.Carrns, Ann (2020-08-21). "Consumer Groups Take PayPal to Task Over Student Loan Credit Line". The New York Times. ISSN 0362-4331. Retrieved 2025-02-13.
  26. ^ Page Module:Citation/CS1/styles.css has no content.Douglas-Gabrielle, Danielle (August 21, 2020). "Consumer groups alarmed by PayPal's role in education finance want regulators to investigate". The Washington Post. Retrieved February 12, 2025.
  27. ^ Page Module:Citation/CS1/styles.css has no content.Semuels, Alana (2025-01-14). "How Doctors Are Pushing Medical Credit Cards on Patients". TIME. Retrieved 2025-03-21.
  28. ^ Page Module:Citation/CS1/styles.css has no content.Mahoney, Sara (12 Oct 2016). "UConn Establishes Synchrony Financial Center of Excellence in Cybersecurity". UConn Today. Retrieved 20 May 2019.
  29. ^ Page Module:Citation/CS1/styles.css has no content.Bliell, Laura (12 April 2018). "Synchrony Opens Emerging Tech Center at the University of Illinois to Develop Artificial Intelligence Solutions". Synchrony Financial. Retrieved 20 May 2019.
  30. ^ a b Page Module:Citation/CS1/styles.css has no content."Synchrony Digital Technology Center Dedicated; Gift to Connecticut Commitment Announced". UConn Today. 2019-12-16. Retrieved 2020-05-19.
  31. ^ Page Module:Citation/CS1/styles.css has no content."synchrony-financial-to-invest-12-m-in-hyderabad-facility". The Hindu. 29 April 2016.

Lua error in package.lua at line 80: module 'Module:Navbox/configuration' not found. Template:S&P 500 companies Lua error in package.lua at line 80: module 'Module:Authority control/config' not found.

Retrieved from "https://cosmopedia.co/index.php?title=Synchrony_Financial&oldid=13085607"