Synchrony Bank is a consumer financial services company that provides credit cards, private label credit cards, and other financial products. The bank has been involved in a number of lawsuits over the years, including:

• Securities lawsuit: In 2018, a group of investors sued Synchrony, alleging that the bank had made false and misleading statements about its underwriting practices. The lawsuit was settled in 2023 for $34 million.
• Telephone Consumer Protection Act (TCPA) lawsuit: In 2021, a California woman sued Synchrony, alleging that the bank had violated the TCPA by making unsolicited robocalls to her cell phone. The lawsuit was settled in 2021 for $2.6 million.
• Debt collection lawsuit: In 2022, a Texas man sued Synchrony, alleging that the bank had violated his rights under the Fair Debt Collection Practices Act (FDCPA). The lawsuit is still ongoing.

What is the controversy with Synchrony Bank?

Synchrony Bank has been accused of a number of questionable practices, including:

• Relaxing underwriting standards: The investors who sued Synchrony in 2018 alleged that the bank had relaxed its underwriting standards in order to sustain growth. This, they argued, led to an increase in bad loans and a decline in the quality of Synchrony’s loan portfolio.
• Making unsolicited robocalls: The California woman who sued Synchrony in 2021 alleged that the bank had violated the TCPA by making unsolicited robocalls to her cell phone. The TCPA prohibits businesses from making unsolicited calls to cell phones using an artificial or prerecorded voice.
• Harassing debt collection practices: The Texas man who sued Synchrony in 2022 alleged that the bank had violated his rights under the FDCPA. The FDCPA prohibits debt collectors from using harassing or abusive tactics to collect debts.

What is the status of the Synchrony Bank lawsuits?

The securities lawsuit against Synchrony was settled in 2023 for $34 million. The TCPA lawsuit against Synchrony was settled in 2021 for $2.6 million. The debt collection lawsuit against Synchrony is still ongoing.

What does this mean for consumers?

If you are a consumer who has been affected by any of the alleged practices described above, you may have legal rights. You should consult with an attorney to discuss your options.

FAQs:

Q: What is the Telephone Consumer Protection Act (TCPA)?

A: The Telephone Consumer Protection Act (TCPA) is a federal law that prohibits businesses from making unsolicited calls to cell phones using an artificial or prerecorded voice.

Q: What is the Fair Debt Collection Practices Act (FDCPA)?

A: The Fair Debt Collection Practices Act (FDCPA) is a federal law that prohibits debt collectors from using harassing or abusive tactics to collect debts.

Q: What are my legal rights if I have been affected by Synchrony Bank’s alleged practices?

A: If you have been affected by Synchrony Bank’s alleged practices, you may have legal rights. You should consult with an attorney to discuss your options.

Q: How can I file a complaint against Synchrony Bank?

A: To file a complaint against Synchrony Bank, you can contact the Consumer Financial Protection Bureau (CFPB) at 1-855-411-CFPB (2372) or online at www.consumerfinance.gov: https://www.consumerfinance.gov/.

Q: What is the statute of limitations for filing a lawsuit against Synchrony Bank?

A: The statute of limitations for filing a lawsuit against Synchrony Bank will vary depending on the type of claim. For example, the statute of limitations for filing a TCPA claim is three years.

Q: What are my chances of winning a lawsuit against Synchrony Bank?

A: Your chances of winning a lawsuit against Synchrony Bank will depend on the facts of your case and the strength of your legal.

References:

• Synchrony Issues Statement in Response to Lawsuit by Walmart Inc.: https://www.synchrony.com/synchrony-issues-statement-in-response-to-lawsuit-by-walmart-inc.html
• Synchrony Financial Securities Litigation – Home: https://synchronysecuritieslitigation.com/
• Utah-based Synchrony Bank will pay $3.5 million to resolve a civil: https://rivcoda.org/news/synchrony-bank-ordered-pay-more-3-million-resolve-civil-enforcement-action-involving-frequent