Goldman Sachs says regulators are investigating credit-card practices

Goldman Sachs CEO David Michael Solomon attends a panel discussion on “Women Entrepreneurs Through Finance and Markets” at the World Bank on October 18, 2019 in Washington, DC.

Olivier Douliery | AFP | beautiful pictures

Goldman Sachs said their credit card business was being investigated by Consumer Financial Protection Bureau across a range of invoicing and payment methods.

The bank revealed the investigation in a quarterly filing on Thursday, saying regulators were examining “its account management practices, including the application of refunds, crediting inappropriate payments, resolving billing errors, advertising and reporting to credit bureaus.”

While New York-based Goldman didn’t mention a partnership with tech giant Apple in the filing, most of the bank’s $11.84 billion card loans in the second quarter were from Apple. Card.

As part of the CEO David SolomonThe retail banking push, meant to help diversify investment banking’s revenue streams and provide a source of fintech-driven growth, Goldman launched Apple Card in 2019. The product made the titles and a JD Power quote for customer satisfaction last year.

It then announced a Synthetic engine and management said the bank is also developing a Goldman-branded card. The Wall Street Journal reported last month that the company had encountered technical problems when migrating GM card users to its platform.

At Thursday’s low, Goldman shares fell as much as 0.7%.

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