The CFPB has issued an
approval order through its Compliance Assistance Sandbox Policy (CAS Policy) to Synchrony Bank in connection with a proposed “dual-feature” credit card (DFCC) program.
The CFPB instituted the
CAS Policy in 2019 in an attempt to encourage innovation through the testing of financial products that could benefit consumers but might pose regulatory uncertainty. Under the CAS Policy, a sandbox applicant can obtain approvals, as applicable, under the provisions of the TILA, ECOA, and EFTA that provide a safe harbor from liability under such laws. The approval order issued to Synchrony provides Synchrony with a safe harbor from liability under TILA and Regulation Z in federal or state enforcement actions and private lawsuits for any act done or omitted in good faith in conformity with the approval order. The order has a 36-month duration.
LOS ANGELES (Legal Newsline) – Gap, Inc., has created a rewards program designed to entice, but ultimately let down, shoppers, a lawsuit says.
Attorneys at Carlson Lynch, representing Christian Kim, filed their lawsuit Dec. 18 in Los Angeles federal court. They say Gap is eliminating points accumulated by customers who use its retail credit cards, which are serviced by Synchrony Bank.
“Customers must meet stringent qualifications in order to continue to accumulate and sustain the rewards points, including keeping the credit accounts open, in good standing, and not more than two months past due,” the suit says.
“Meanwhile, based on Defendants’ publicly available marketing materials and disclosures regarding the credit card, Defendants cannot render accumulated rewards points expired as long as these qualifications are met.
Best Savings Accounts of 2021 Money.com 12/21/2020
Gone are the days of hiding cash under the mattress for that rainy day.
Now, the financially savvy save their money in online bank accounts where saving rates can help it grow each year.
Savings accounts present a low-risk alternative to stock market investments.
Because of FDIC insurance, there’s virtually no risk to depositors and you can access the money anytime.
6 Best Savings Accounts of 2021
Here are Money’s top picks for the best savings accounts that you can open today:
PenFed Credit Union: Best Credit Union
Barclays Online Savings: Best for Zero Minimum Balance
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Dec 14, 2020
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We saw change after change (after change) in 2020.
The credit card industry as a whole also saw a variety of developments, from tightening of credit limits to shifting bonuses and benefits and even the launch of new and refreshed card products. Yes, even in an economic environment where fewer people were applying for cards, issuers still revealed new and updated products throughout the year.