Goldman Sachs faces $50 million in fines over Apple Card issues

Apple Card partner Goldman Sachs
Goldman Sachs is facing significant penalties from the Consumer Financial Protection Bureau due to alleged misconduct in its credit card operations. According to informed sources, the bank is expected to be fined tens of millions of dollars.
AnnaMaria Andriotis reports for The Wall Street Journal:
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The enforcement action is tied to an investigation into Goldman’s customer service operations, including how it handled fraud and refunds, with a focus on its Apple credit-card partnership, the people said.
Goldman has already been working to address the regulatory issues.
The enforcement action is expected as soon as this week and the exact fine amount couldn’t be learned. The total penalties, which include some customer reimbursements, are expected to be north of $50 million…
Goldman disclosed in 2022 that the CFPB was investigating its “credit card account management practices,” including how the bank resolved billing errors and refunded cardholders. The investigation has almost entirely focused on the Apple credit card, The Wall Street Journal has reported.
The CFPB’s probe has involved looking into lags and lapses in providing cardholder refunds and addressing fraud issues, according to people familiar with the matter.

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MacDailyNews Take: Oh, no! How will Goldman Sachs ever come up with $50 million?

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