Synchrony sees (15c)-(25c) impact from change in late fee rules on FY24 EPS

In a regulatory filing earlier, Synchrony noted that on March 5, the Consumer Financial Protection Bureau, or CFPB, issued a final rule amending Regulation Z, which implements the Truth in Lending Act, relating to the assessment of late fees on credit card accounts. The key elements of the CFPB’s final rule and certain of the current anticipated implications to Synchrony Financial were disclosed in an associated slide show. In the slides, stated the impact from the change in late fee regulation on its 2024 diluted EPS is (15c)-(25c), which assumes an October implementation date; about an (800M) pre-tax impact; and offsets ranging from about $650M-$700M pre-tax.