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.

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 spending on its cards.

With Synchrony smarting over the loss of Walmart and Verizon facing heat from T-Mobile's payment app, a card partnership was a natural fit.

Deluxe Corp. will take over bill payment processing for private-label credit card issuer Synchrony beginning next year, absorbing Synchrony’s remittance operations and employees in Florida and Georgia.

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.

PayPal’s latest move to jolt Venmo’s revenue is a co-branded credit card developed with Synchrony — something that challenger banks and fintechs may rush to compete against.

The retailer and credit card giant are rolling out two new card offerings. The move could hit especially close to home for CUs with branches inside Walmart locations.

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.

Even as her company invests heavily in cutting-edge technologies designed to improve service and efficiency, Keane is making sure that Synchrony is also investing in educating and training employees whose jobs are at risk of disappearing.

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

When Amazon was busy driving traffic to its site — and the likes of Walmart and Best Buy were aggressively trying to pull shoppers away — it also invited several issuers to compete to be the top-of-wallet card for Prime Day spending.

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.

"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.

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

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

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.

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.

Among his many responsibilities in the newly created role, Brian Doubles will be in charge of expanding Synchrony's direct-to-consumer banking business.

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

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.