Regulation and Compliance in Consumer Banking: The Case of Goldman Sachs and Apple Card

Wednesday, 23 October 2024, 09:40

Regulation and compliance have come to the forefront as the Consumer Financial Protection Bureau targets Goldman Sachs over its Apple Card failures. These issues highlight significant concerns within consumer banking and lending practices, impacting both institutions and consumers. This evolving situation signals potential changes and raises questions around consumer rights.

Americanbanker — Regulation and Compliance in Consumer Banking: The Case of Goldman Sachs and Apple Card

Regulation and Compliance Concerns in Consumer Banking

The Consumer Financial Protection Bureau (CFPB) scrutinized Goldman Sachs, pointing out failures to properly investigate numerous credit card disputes.

Simultaneously, Apple is under fire for allegedly misleading consumers regarding interest-free payment options related to its Apple Card. In the consumer banking sector, these revelations are pivotal and highlight the urgent need for regulatory revisions.

Key Failures and Implications

Goldman Sachs failed to address tens of thousands of customer disputes effectively.
Apple's marketing tactics raised questions about consumer transparency and trust.
The CFPB's actions could lead to stricter regulations impacting consumer lending.

This situation demands attention as the landscape of consumer banking continues to evolve.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.