BUZZ-Consumer lending firms rise after Trump win that could lighten regulation

Reuters

Nov 07, 2024

BUZZ-Consumer lending firms rise after Trump win that could lighten regulation

** 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))

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