The United States Consumer Financial Protection Bureau (CFPB) is reportedly readying to fine Goldman Sachs for its management of the Apple credit card initiative, with expected penalties exceeding $50 million, the Wall Street Journal reported on Tuesday, citing people with knowledge of the matter.
According to the sources, the enforcement action, expected as soon as this week, stems from an investigation into the bank's customer service procedures. This includes their approach to handling issues related to fraud and refunds, particularly concerning their partnership with Apple on its credit card program.
Penalties could include customer reimbursements. JPMorgan Chase could potentially take over Apple's credit card operations.
