Probe into Goldman Sachs’ credit card practices expands
By 
Aaron Nicodemus2023-02-27T17:28:00
Goldman Sachs Group disclosed more regulators—beyond the Consumer Financial Protection Bureau (CFPB)—are investigating its credit card account management practices.
In its annual 10-K report filed Friday, Goldman Sachs said it is cooperating with the CFPB “and other governmental bodies” related to investigations and/or inquiries into the bank’s U.S. credit card account management practices. The bank did not specify which other regulators might be involved in the probes.
In August, Goldman Sachs disclosed only the CFPB was investigating those practices.
Related articles
-
News BriefDiscover sued by investors over lax compliance procedures
Discover Financial Services faces a class-action lawsuit from investors alleging materially false and misleading statements regarding its business, operations, and compliance policies.
-
News BriefGoldman Sachs settles CFTC charges over same-day swaps manipulation for $15M
Goldman Sachs will pay a $15 million fine to settle charges from the Commodity Futures Trading Commission it manipulated the execution of same-day swaps to the detriment of unsophisticated clients and for failing to accurately disclose the actual cost of those swaps.
-
ArticleGoldman Sachs unit fined $4M for ESG investment lapses
Goldman Sachs Asset Management agreed to pay $4 million to settle SEC charges it failed to follow its own policies and procedures regarding a trio of investment products marketed for their environmental, social, and governance considerations.
More from Regulatory Enforcement
-
PremiumDiscover, in allowing misclassification problem to fester, pushed compliance aside
Federal banking regulators have laid the blame for Discover Financial Services charging merchants $1 billion in excessive credit card fees over 17 years squarely at the feet of company executives.
-
News BriefCFPB drops $95M enforcement action against Navy Federal, without explanation
The Consumer Financial Protection Bureau has dropped a $95 million enforcement action against Navy Federal Credit Union, the latest regulatory pullback by the agency under President Donald Trump.
-
ArticleFCA drops ‘naming and shaming’ approach – except in ‘exceptional circumstances’
The UK’s financial regulator has had a rough ride over the past couple of years as its strategy to “name and shame” firms it opened investigations into was widely slammed by the industry and lawmakers over concerns that companies could be unfairly maligned.