It’s not just the practices of the App Store that are of great interest to US authorities. The Consumer Financial Protection Bureau (CFPB), the federal agency responsible for protecting consumers in the financial industry, has launched an investigation into the credit card activity of Goldman Sachs.
The details of this investigation, which scrutinizes account management practices, the implementation of refunds, the resolution of billing errors or even reports to credit bureaus, are not known but Goldman Sachs explains that it is working with the CFPB.
Goldman Sachs is Apple Card’s banking partner, and Apple’s credit card is certainly the bulk of that division’s business. We also handle a credit card with General Motors, and that’s about it. It is therefore likely that the CFPB will want to know more about the Apple Card, given the important role the service plays within Goldman Sachs.