Goldman said in a securities filing that the CFPB is looking into several areas, including how the bank handles customer refunds and resolves billing disputes. The regulator is also looking into Goldman’s advertisements and how it reports consumer information to credit bureaus.
Credit-card lending is a key part of the bank’s plan to grow its consumer finance arm, which launched about six years ago. Goldman expects the consumer bank to top $4 billion in annual revenue by 2024, roughly double what it is on pace to bring in this year. Goldman launched its credit card business via a partnership with Apple Inc. in 2019. It also offers cards in partnership with General Motors Co., and CEO David Solomon said last month on an investor call that Goldman is looking for opportunities to add more. The bank had about $12 billion in credit card loans outstanding at the end of June.