Goldman credit card business under investigation by consumer finance watchdog

Goldman Sachs has admitted to more difficulties for its lossmaking foray into retail banking, disclosing the US consumer finance regulator is investigating how it manages accounts at its credit card business.Goldman Sachs has admitted to more difficulties for its lossmaking foray into retail banking, disclosing the US consumer finance regulator is investigating how it manages accounts at its credit card business.

The CFPB investigation is a legal headache for a Goldman business that only generated about 2 per cent of the bank’s $59 billion in net revenues last year. It grew out of Goldman’s conversion during the 2008 financial crisis into a bank holding company, a move that allowed it to access liquidity lines form the Federal Reserve and secured US government-backed insurance for its deposits.

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