Goldman Sachs Group disclosed more regulators—beyond the Consumer Financial Protection Bureau (CFPB)—are investigating its credit card account management practices.
In its annual 10-K report filed Friday, Goldman Sachs said it is cooperating with the CFPB “and other governmental bodies” related to investigations and/or inquiries into the bank’s U.S. credit card account management practices. The bank did not specify which other regulators might be involved in the probes.
In August, Goldman Sachs disclosed only the CFPB was investigating those practices.
Friday’s disclosure also expanded the areas of Goldman Sachs’ business that are being investigated or are the subject of inquiries. In August, the bank said the focus of the CFPB’s inquiry was on “the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus.” Its new disclosure added other consumer-related information might be part of the probes.
One of the additional governmental bodies investigating Goldman Sachs might be the Federal Reserve, which is examining whether the bank had proper monitoring and control systems in place for its consumer lending business, according to a January report in the Wall Street Journal. The story said the Fed’s probe encompasses Goldman’s compliance, audit, and legal functions.