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CFPB investigating Goldman Sachs over credit card practices

August 10, 2022

The banking giant says the regulator is examining its “credit card account management practices, including with respect to the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus”.

Goldman Sachs says it is cooperating with the CFPB in its investigation.

The bank teamed up with Apple in 2019 to issue credit cards linked to iPhones. It also acquired General Motors’ credit card portfolio for a reported $2.5 billion in 2020.

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