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The CFPB has been investigating problems linked to MoneyGram for several years.
Synchrony did not provide a timeline on when the new card will be introduced.
The Consumer Financial Protection Bureau claims that the New City firm does not intend to fully comply with a demand for records.
Reverse mortgages have weathered some controversy over the years, ranging from news stories regarding foreclosure cases against seniors who defaulted on the terms of their loans to a wider misperception that lenders automatically seize the property upon the death of the borrower.
In a report released July 20, the CPFB and Education Department outlined several recommendations aimed at shoring up the private student loan market.