Apple Card partner Goldman Sachs discloses probe into U.S. credit card division

Goldman Sachs’ U.S. credit card business is being investigated by the U.S. Consumer Financial Protection Bureau, the bank disclosed in a regulatory filing on Thursday.

Reuters:

The investigation by the Consumer Financial Protection Bureau (CFPB) includes scrutiny of the bank’s credit card account management practices, refunds and billing error resolution, according to the filing.
Goldman said it was cooperating with the CFPB.
The bank has a credit card partnership with Apple Inc, following the launch of a card with the iPhone maker in 2019. It also offers a co-branded credit card with General Motors Co.

MacDailyNews Take: Goldman’s disclosure reads, verbatim:
The firm is cooperating with the Consumer Financial Protection Bureau in connection with an investigation of GS Bank USA’s 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’ full U.S. SEC Form 10-Q with the disclosure is here.
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