In March 2024, Synchrony acquired Ally Lending for $2.0 billion, deepening its presence in home improvement and health & wellness sectors. The assets and liabilities of Ally Lending primarily included loan receivables with an unpaid principal balance of $2.2 billion.

In March 2024, Synchrony sold its wholly-owned subsidiary, Pets Best, resulting in a gain on sale of $1.1 billion, or $802 million net of tax. This divestiture allows Synchrony to focus on its core consumer financial services.

During the nine months ended September 30, 2024, Synchrony expanded its portfolio with the addition or renewal of more than 55 partners, including Bel Furniture, Virgin Red, and Bond Veterinary, demonstrating continued efforts to diversify and grow its partner network.

During the nine months ended September 30, 2024, Synchrony repurchased $900 million of its outstanding common stock and declared and paid cash dividends of $0.75 per share, or $301 million in the aggregate. In April 2024, the Board of Directors approved an incremental share repurchase program of up to $1.0 billion, through June 30, 2025.

In anticipation that the final rule will become effective, Synchrony is in the process of implementing a number of product, policy and pricing changes to adjust for the significant reduction in our late fee income. The effects of these changes have started to be reflected in our Consolidated Statement of Income for the three and nine months ended September 30, 2024.

Synchrony added two new strategic technology partnerships with Adit Practice Management Software and ServiceTitan, both of which expand access for customers to our suite of credit products.

The CFPB released a final rule amending its regulations that implement the Truth in Lending Act to, among other things, lower the safe harbor dollar amount for credit card late fees. The final rule, when effective, will result in a significant reduction in our interest and fees on loan receivables.

During the three months ended September 30, 2024, we experienced a decrease in purchase volume of 4.3% compared to the prior year period, primarily driven by lower consumer spending and the impacts from credit actions we have taken across our portfolio where we have seen indications of higher probability of default.

Our business is subject to regulation, supervision and examination under U.S. federal, state and foreign laws and regulations. These laws and regulations cover all aspects of our business, including lending and collection practices, treatment of our customers, safeguarding deposits, customer privacy and information security, capital structure, liquidity, dividends and other capital distributions, transactions with affiliates, and conduct and qualifications of personnel.

During the three months ended September 30, 2024, we experienced a decrease in purchase volume of 4.3% compared to the prior year period, primarily driven by lower consumer spending and the impacts from credit actions we have taken across our portfolio where we have seen indications of higher probability of default.

During the nine months ended September 30, 2024, we continued to expand and diversify our portfolio with the addition or renewal of more than 55 partners, as well as enter new strategic relationships.

We added two new strategic technology partnerships with Adit Practice Management Software and ServiceTitan, both of which expand access for customers to our suite of credit products.

Retailer share arrangements decreased 6.6% to $914 million and 10.6% to $2.5 billion for the three and nine months ended September 30, 2024, respectively, primarily due to higher net charge-offs.

Other expense increased by $35 million, or 3.0%, and $130 million, or 3.8%, for the three and nine months ended September 30, 2024, respectively. The increase was primarily driven by costs related to the Ally Lending acquisition, technology investments, and preparatory expenses related to the late fee rule change.

Technology investments primarily reflect higher amortization of capitalized software expenditures, indicating a shift in operational expense structure.

We added two new strategic technology partnerships with Adit Practice Management Software and ServiceTitan, both of which expand access for customers to our suite of credit products.

Technology investments primarily reflect higher amortization of capitalized software expenditures, indicating continued investment in and deployment of new technologies.

We also launched the integration of our CareCredit card with Pets Best to enable direct insurance claim reimbursement for customers.

During the nine months ended September 30, 2024, Synchrony repurchased $900 million of its outstanding common stock. In April 2024, the Board approved an incremental share repurchase program of up to $1.0 billion, through June 30, 2025.

Declared and paid cash dividends of $0.75 per share, or $301 million in the aggregate, on common stock. Also, declared and paid cash dividends totaling $51 million on Series A and Series B preferred stock.

In March 2024, we acquired Ally Lending for cash consideration of $2.0 billion. The assets and liabilities of Ally Lending primarily included loan receivables with an unpaid principal balance of $2.2 billion.

The 10-Q filing does not contain any specific information regarding environmental, social, or governance (ESG) initiatives. Further investigation is required to assess the company's ESG performance.

The CFPB released a final rule amending its regulations that implement the Truth in Lending Act to, among other things, lower the safe harbor dollar amount for credit card late fees. The final rule, when effective, will result in a significant reduction in our interest and fees on loan receivables.

During the three months ended September 30, 2024, we experienced a decrease in purchase volume of 4.3% compared to the prior year period, primarily driven by lower consumer spending and the impacts from credit actions we have taken across our portfolio where we have seen indications of higher probability of default.

Our business is subject to regulation, supervision and examination under U.S. federal, state and foreign laws and regulations. These laws and regulations cover all aspects of our business, including lending and collection practices, treatment of our customers, safeguarding deposits, customer privacy and information security, capital structure, liquidity, dividends and other capital distributions, transactions with affiliates, and conduct and qualifications of personnel.