Goldman Sachs faces US CFPB fine over credit card business, WSJ reports
2024.10.22 14:29
(Reuters) -Goldman Sachs is facing a fine in the tens of millions of dollars from the U.S. Consumer Financial Protection Bureau over its credit card business, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The U.S. watchdog’s enforcement action is tied to an investigation into Goldman’s customer service operations with a focus on the Apple (NASDAQ:) credit card partnership, the report said.
Goldman’s card partnership with Apple is facing an uncertain future, with Wall Street titan JPMorgan in talks to replace the bank as the tech giant’s credit card partner, Reuters had reported.
The enforcement action is expected to come this week, the report said, adding that the total penalties including customer reimbursements could be over $50 million.
Goldman Sachs and CFPB did not immediately respond to Reuters’ requests for comment.
