Apple Card Issuer Is Getting Investigated By C.F.P.B.
Goldman Sachs’ disclosed in a regulatory securities filing this week that their credit card division was being investigated by the Consumer Financial Protection Bureau (CFPB). You may be thinking, Goldman has a credit card division? Yes, somehow they ended up winning the lucrative Apple credit card lottery and also issue the General Motors credit card.
The CFPB is a government agency that fights for consumers rights in the finance and lending arena. They are the program that helped me get an Amex Platinum 100K bonus payout several years ago when American Express decided to freeze a ton of people’s accounts for using leaked links. The program has been reduced in power over the years but it looks like they are up for the challenge here.
Per The Wall Street Journal the CFPB is looking into several areas, including how the bank handles customer refunds and resolves billing disputes. The regulator is also looking into Goldman’s advertisements and how it reports consumer information to credit bureaus, the bank said.
The bank doesn’t seemed too deterred by this right now and they are looking to continue to grow their consumer finance division. They are looking to have $4 billion in revenue per year in the area by 2024, double their current levels. They have made it clear that they are trying to expand their card partnerships as well, and are looking to add new partnerships. As of the end of June they had $12 billion in credit card debt on their books.
Source: WSJ
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