Apple's partner for the Apple Card, Goldman Sachs, is now going to be investigated by a top US watchdog into its credit card practices.
The bank that's responsible for the Apple Card is now facing an investigation by a top U.S. consumer watchdog in its credit card division,. Goldman Sachs, the bank in question, has disclosed this information in a regulatory filing.
The investigation is reportedly going to be led by the Consumer Financial Protection Bureau. The US watchdog will be focusing on Goldman's credit card account management practices in the United States. Apple's credit card, Apple Card, is a major component of exactly this area of the financial firm's business, as it is one of the two consumer-faced credit card offerings .
Now, a bit more about this watchdog. The Consumer Financial Protection Bureau, abbreviated as CFPB, is the top US agency and watchdog responsible for consumer protection in the financial sector. The financial firm's partnership with Apple for the Apple Card is the largest initiative it has started so far in the consumer credit card business. The firm is responsible for approvals or denials of credits, credit limits, disputes, credit bureau reporting, and more for Apple Card.
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