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Goldman Sachs, Apple’s associate financial institution for its Apple Card providing, has revealed that it’s dealing with an investigation by a U.S. client watchdog

The financial institution revealed the investigation in a quarterly 10-Q type filed Thursday with the Securities and Change Fee. In response to the submitting, the Client Monetary Safety Bureau (CFPB) is probing Goldman Sachs’ bank card account administration practices, refunds, and billing error resolutions.

The submitting provided no different particulars concerning the probe, and didn’t title the precise bank cards or accounts which can be included within the investigation.

Nevertheless, it is probably that the investigation is centered on the Apple Card. Apart from a co-branded bank card with Basic Motors, the Apple Card represents Goldman Sachs’ solely client bank card product.

This isn’t the primary time that Goldman Sachs has been investigated for bank card merchandise. In 2019, the financial institution was accused of discriminatory habits on allegations that longer traces of credit score have been distributed primarily based on gender.

In 2021, the New York State Division of Monetary Companies cleared Goldman Sachs of these claims after an investigation.

The Apple Card hasn’t been spotless since its debut in 2019. Points has included erroneous cash back rates and system problems that prevented customers from making invoice funds or accessing account administration options.


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