Consumer lending firms rise after Trump win that could lighten regulation

Upbound

06/11/2024 17:15

** Shares of consumer lending firms Synchrony Financial
 SYF.N  and Bread Financial  BFH.N  rise on Wed after Donald
Trump secured a dramatic comeback to the White House, with
analysts predicting a rollback in Consumer Financial Protection
Bureau (CFPB) regulations and litigation 
    ** Trump is expected to dismiss CFPB Director Rohit Chopra
after his inauguration, allowing for a rollback in recent
litigation and rules such as capping late fees for credit cards,
BTIG analyst Isaac Boltansky said in an investor note
    ** SYF shares jumped ~16% to an all-time high and was last
at $65.78 
    ** BFH also jumped ~14% to $59.94, hitting its highest level
since March 2022 and on track for biggest pct daily gain since
Feb. 2023
    ** Other consumer lending firms were also trading higher:
Credit Acceptance Corp  CACC.O  rose 6% to $460 and Upbound
Group  UPBD.O  rose 6% to $32.75
    

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))