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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

One in five Irish pubs have called last orders since 2005, industry group saysReport by Drinks Industry Ireland shows rural pubs have fared worse than their Dublin counterparts IrishTimes In a way this is a good thing - the Irish relationship with alcohol is toxic and unhealthy. *the impact of lockdowns Your supposed to be a reporter. Learn how to spell.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »