Goldman Sachs credit card management faces investigation

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Goldman Sachs credit card management faces investigation

By Alexandra Leonards

5/8/2022

Goldman Sachs is under investigation over its credit card account management practices.

The bank said in a securities filing that it is cooperating with the Consumer Financial Protection Bureau, which is carrying out the probe.

The investigation will look at the organisation’s application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus.

Last month the bank recorded a decline in revenue of 23 per cent to $11.8 billion in the second quarter compared to the same period of 2021.

The results were eight per cent lower than the first quarter of the year.

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