Synchrony announced on May 7, 2025, that it does not plan to roll back the higher interest rates and new monthly fees implemented in response to the Consumer Financial Protection Bureau's (CFPB) proposed late fee rule. This decision comes after bank trade groups successfully had the CFPB rule vacated in federal court last month.
Synchrony CEO Brian Doubles stated on April 22 that the company feels 'pretty comfortable that the rule has been vacated' and does not currently have plans to reverse the changes made. These changes included raising APRs by an average of 3 to 5 percentage points and introducing fees for paper statements.
The retention of these higher rates and fees, which were initially intended to offset an expected revenue hit from the CFPB rule, is expected to contribute to increased profitability for Synchrony. The company observed no significant reduction in accounts or spend related to these actions, indicating customer acceptance.
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