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Goldman said a regulator is looking into how it transmits its ads and consumer information to credit bureaus.
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Michael Nagle/Bloomberg News
Goldman Sachs GS -0.39%
Group Inc. said Thursday that regulators are investigating business operations in its credit card division.
The bank said in a filing that the Consumer Financial Protection Bureau is looking into several issues, including how the bank handles customer refunds and how it resolves billing disputes. The regulator is looking into how Goldman provides ads and customer information to credit bureaus, the bank said.
A Goldman spokeswoman said the bank is cooperating with the investigation. A spokeswoman for the CFPB declined to comment.
Credit card lending is a key part of the bank’s plan to grow its consumer finance arm, launched six years ago. Goldman expects the consumer bank to generate $4 billion in annual revenue by 2024, roughly doubling the pace it expects to bring in this year.
Goldman launched its credit card business in partnership with Apple. Inc.
In 2019. It also offers cards in partnership with General Motors Co.
And CEO David Solomon said on an investor call last month that Goldman is looking for opportunities to add more.
The bank had about $12 billion in credit card loans at the end of June.
Write Charley Grant at charles.grant@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
On August 5, 2022, the print edition appeared as ‘CFPB Probes Goldman Cards’.
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