CFPB v. Goldman Sachs Bank USA

Goldman Sachs Bank USA violated the Truth in Lending Act and Regulation Z by failing to send acknowledgement notices and resolution letters within the required periods; making adverse reports to consumer reporting agencies regarding amounts disputed in billing error notices prior to completing the requirements for billing error resolution; failing to conduct reasonable investigations for disputes that qualified as billing error notices; and holding consumers liable for amounts at issue in claims of unauthorized use before conducting a reasonable investigation. Goldman also appears to have violated the Consumer Financial Protection Act of 2010 by engaging in unfair acts or practices through its delay in resolving transaction disputes, and engaged in deceptive acts or practices by misleading consumers to expect that purchases of Apple devices would automatically be enrolled in ACMI, and by misleading consumers enrolled in ACMI about the application of refunds to Apple Card accounts with both ACMI and non-ACMI balances, according to the CFPB.

Summary generated from official Consumer Financial Protection Bureau press release