Goldman Sachs’ credit cards is currently undergoing investigation by the Consumer Financial Protection Bureau (CFPB). Based on a securities filing on August 4, the Wall Street behemoth was a subject of examination by the CFPB for possible charges of fraud that related to the firm’s management issues in processing refunds, reporting to the bureau, errors with consumer accounts, and advertising.
One Goldman Sachs spokesperson said that they are cooperating with the federal agency in that investigation.
The details of this probe are yet to be revealed. Nonetheless, the company has been the target of many client complaints since 2019, with customers claiming unresolved issues with fees and refunds with their Goldman credit card accounts.
Goldman Sachs is allegedly absorbing more than $1.2 billion in losses to underpin its move into the digital consumer market.