Synchrony Financial

Synchrony FinancialFile:Synchrony Financial logo.svg

Type| Public

Traded as

* NYSE: SYF
* S&P 500 component

Industry| Financial services
Founded| September 12, 2003; 22 years ago (2003-09-12)[1]
Headquarters|

Stamford, Connecticut, U.S.[2]

Key people

* Margaret M. Keane (Executive Chairman)
* Brian Doubles (CEO)

[3]
Products| Credit cards
Payment systems
Revenue|  US$24.17 billion (2024)[4]

Net income

|  US$3.427 billion (2024)[4]
Total assets|  US$119.5 billion (2024)[4]
Total equity|  US$16.58 billion (2024)[4]

Number of employees

| 20,000 (2024)[4]
Website| synchrony.com

Synchrony Financial is an American consumer financial services company with its headquarters in Stamford, Connecticut, United States.[2] 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.[4][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]

## Contents

* 1 History
* 2 Synchrony-branded centers at public universities
* 3 Consumer Financial Protection Bureau and consumer class actions
* 4 References
* 5 External links

## 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]

## Synchrony-branded centers at public universities

In 2016, the University of Connecticut's School of Engineering announced the launch of Synchrony's Center of Excellence in Cybersecurity.[23]

In 2018, Synchrony opened an emerging tech center at the University of Illinois.[24]

In 2019, Synchrony opened the Synchrony Digital Technology Center at the University of Connecticut's Stamford campus.[25] 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.[25]

Synchrony operates "Innovation Stations" in Stamford, Connecticut; Chicago, Illinois; Kettering, Ohio and Hyderabad, India.[26]

## Consumer Financial Protection Bureau and consumer class actions

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.[27][28]

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.[29] The advocacy groups classified the 24% interest rates, $40 late fees, and aggressive collection practices as "predatory."[30]

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. [31]

## References

1. ↑ "Synchrony Financial on the Forbes Global 2000 List". Forbes. https://www.forbes.com/companies/synchrony-financial/.
2. ↑ 2.0 2.1 "Document". https://www.sec.gov/Archives/edgar/data/1601712/000160171217000031/synchrony1231201610k.htm.
3. ↑ Bishop, Sue. "Synchrony Promotes Brian Doubles To President". PR Newswire (Press release). Synchrony. Retrieved 21 May 2019.
4. ↑ 4.0 4.1 4.2 4.3 4.4 4.5 "Synchrony 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 7, 2025. https://www.sec.gov/ix?doc=/Archives/edgar/data/1601712/000160171225000044/syf-20241231.htm.
5. ↑ "Factsheet". https://www.synchrony.com/financial-fact-sheet.html.
6. ↑ GuruFocus. "Warren Buffett And Seth Klarman Agree On One Stock – Synchrony Financial" (in en). https://www.forbes.com/sites/gurufocus/2018/07/10/the-one-stock-warren-buffett-and-seth-klarman-agree-on-and-are-buying/.
7. ↑ 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.). https://www.wsj.com/articles/SB10001424052702303546204579436793107211978.
8. ↑ Passeri, James (April 17, 2015). "GE Spinoff Synchrony Financial Is Still Trying to Stand on Its Own". The Street (TheStreet, Inc.). http://www.thestreet.com/story/13116855/1/ge-spinoff-synchrony-financial-is-still-trying-to-stand-on-its-own.html.
9. ↑ Semuels, Alana (2025-01-14). "How Doctors Are Pushing Medical Credit Cards on Patients" (in en). https://time.com/7206759/medical-credit-cards/.
10. ↑ "All SEC Filings" (in en). https://investors.synchrony.com/filings-regulatory/sec-filings/all-sec-filings?page=186##document-63-0001193125-14-096671-2.
11. ↑ Shah, Aman (13 March 2014). "GE files to spin off credit card unit". Reuters. https://www.reuters.com/article/us-general-electric-ipo/ge-files-to-spin-off-credit-card-unit-idUSBREA2C0RZ20140313.
12. ↑ De La Merced, Michael (March 13, 2014). "G.E. Files to Spin Off Retail Finance Unit". New York Times. https://dealbook.nytimes.com/2014/03/13/g-e-files-to-spin-off-retail-finance-unit/.
13. ↑ 13.0 13.1 "GE credit card unit Synchrony Financial prices IPO at $23 per share". Reuters. July 30, 2014. https://www.reuters.com/article/us-synchronyfinancial-ipo-idUSKBN0G000O20140731.
14. ↑ "BRIEF-Synchrony Financial to buy GPShopper". Reuters. March 20, 2017. https://www.reuters.com/article/brief-synchrony-financial-to-buy-gpshopp-idUSASB0B65O.
15. ↑ Rogers, Bruce. "Maya Mikhailov's Journey From Russia To Co-Founder Of GPShopper" (in en). https://www.forbes.com/sites/brucerogers/2019/01/08/maya-mikhailovs-journey-from-russia-to-co-founder-and-cmo-of-gpshopper/.
16. ↑ "Synchrony To Acquire Loop Commerce". PYMNTS. 10 May 2018. https://www.pymnts.com/news/partnerships-acquisitions/2018/synchrony-loop-commerce-gift-shopping/.
17. ↑ Zacks. "Synchrony Financial Braces Portfolio With Loop Commerce Buy" (in en). https://www.nasdaq.com/articles/synchrony-financial-braces-portfolio-loop-commerce-buy-2018-06-11.
18. ↑ "SYNCHRONY 2018 Form 10K Annual Report". https://www.sec.gov/Archives/edgar/data/1601712/000160171219000053/synchrony1231201810k.htm.
19. ↑ PayPal (July 3, 2018). "PayPal and Synchrony Complete Consumer Credit Receivables Sale". https://www.paypal.com/stories/us/paypal-and-synchrony-complete-consumer-credit-receivables-sale.
20. ↑ Perez, Sarah (July 3, 2018). "PayPal sells its consumer credit portfolio to Synchrony for $7 billion". https://techcrunch.com/2018/07/03/paypal-sells-its-consumer-credit-portfolio-to-synchrony-for-7-billion/.
21. ↑ "Synchrony proxy statement". Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1601712/000119312519099228/d718975ddef14a.htm#tx718975_24.
22. ↑ "SCHEDULE 14A - Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934". https://investors.synchrony.com/filings-regulatory/sec-filings/all-sec-filings/content/0001193125-23-090318/0001193125-23-090318.pdf.
23. ↑ Mahoney, Sara (12 Oct 2016). "UConn Establishes Synchrony Financial Center of Excellence in Cybersecurity". UConn Today. https://today.uconn.edu/2016/10/uconn-establishes-synchrony-financial-center-excellence-cybersecurity/.
24. ↑ Bliell, Laura (12 April 2018). "Synchrony Opens Emerging Tech Center at the University of Illinois to Develop Artificial Intelligence Solutions". https://www.synchrony.com/synchrony-opens-emerging-tech-center-at-the-university.html.
25. ↑ 25.0 25.1 "Synchrony Digital Technology Center Dedicated; Gift to Connecticut Commitment Announced" (in en-US). 2019-12-16. https://today.uconn.edu/2019/12/synchrony-digital-technology-center-dedicated-gift-connecticut-commitment-announced/.
26. ↑ "synchrony-financial-to-invest-12-m-in-hyderabad-facility". The Hindu. 29 April 2016. http://www.thehindu.com/news/cities/Hyderabad/synchrony-financial-to-invest-12-m-in-hyderabad-facility/article8534972.ece.
27. ↑ "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.
28. ↑ Schneier, Cogan (14 June 2019). "GE Capital arm to pay record credit card settlement". USA Today. https://www.usatoday.com/story/money/business/2014/06/19/ge-capital-bank-synchrony-credit-card-discrimination/10886795/.
29. ↑ Carrns, Ann (2020-08-21). "Consumer Groups Take PayPal to Task Over Student Loan Credit Line" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2020/08/21/business/paypal-student-loans-synchrony.html.
30. ↑ Douglas-Gabrielle, Danielle (August 21, 2020). "Consumer groups alarmed by PayPal’s role in education finance want regulators to investigate". https://www.washingtonpost.com/education/2020/08/21/consumer-groups-alarmed-by-paypals-role-education-finance-want-regulators-investigate/.
31. ↑ Semuels, Alana (2025-01-14). "How Doctors Are Pushing Medical Credit Cards on Patients" (in en). https://time.com/7206759/medical-credit-cards/.

## External links

* Official website

* Business data for Synchrony:

* Google Finance
* Yahoo! Finance
* Reuters
* SEC filings

* v
* t
* e

Credit, charge and debit cards

Major cards|

* American Express
* Diners Club
* Mastercard
* Debit Mastercard
* Maestro
* Visa
* Visa Debit
* Visa Electron

Regional and
specialty cards|

* Bancomat
* BC Card
* BCA Card
* Cabcharge
* Dankort
* Discover
* EFTPOS
* Electronic Payment Services (EPS)
* Elo
* Forbrugsforeningen
* Girocard
* Interac
* Isracard
* JCB
* Mir
* MEPS
* NETS
* PayPak
* RuPay
* Troy
* UnionPay
* UATP
* V Pay
* Verve

Defunct cards|

* Access
* Bankcard
* Carte Blanche
* Carte Bleue
* Choice
* enRoute
* Eurocard
* Everything
* Laser
* Rail Travel Card
* Revolution Card
* Solo
* Switch
* PIN

Accounts|

* Payment card number
* Card association
* Card enclosure
* Credit card balance transfer
* Credit limit
* Installment credit
* Revolving account
* Deposit account
* Current/checking account
* Savings account
* ATM card
* Fees

Debt|

* Cash advance
* Charge-off

Interest|

* Grace period
* Introductory rate
* Universal default

Payment|

* Card not present transaction
* Chargeback
* Controlled payment number
* Dispute

Interchange|

* Interchange fee
* Surcharge
* Card scheme

Security|

* Card security code
* Chargeback fraud
* Credit card fraud
* Credit card hijacking

Technology|

* Automated teller machine
* Contactless payment
* EMV
* Hardware security module
* Interbank network
* Magnetic stripe card
* Payment terminal
* Personal identification number
* Secure cryptoprocessor
* Smart card

Banking|

* Issuing bank
* Acquiring bank

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