CFPB Investigating Apple Card Issuer Goldman Sachs

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08 AUGUST 2022 - The bank behind Apple Card is being investigated by regulators. CNBC ran a piece late last week that had Goldman Sachs saying that its “credit-card business is being investigated by the Consumer Financial Protection Bureau over a range of billing and payments practices.” According to the institution, the CFPB is examining Goldman’s “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 made the disclosure in a quarterly filing last Thursday 4 August. While that filing did not mention Apple, the CNBC piece points out that “most of the bank’s $11.84 billion in card loans through the second quarter were from the Apple Card.”