Investment Security
The Goldman Sachs Group, Inc.Headquarters
About
Important information
- Government Actions:Read moreGovernment Action: BBB reports on known government actions involving business’ marketplace conduct:CFPB Orders Goldman Sachs to Pay $65 Million for Apple Card Failures
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On 10/23/2024, the Consumer Financial Protection Bureau (CFPB) took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users. The CFPB found that Apple failed to send tens of thousands of consumer disputes of Apple Card transactions to Goldman Sachs, and when Apple did send disputes to Goldman Sachs, the bank did not follow numerous federal requirements for investigating the disputes. Apple and Goldman launched Apple Card despite third-party warnings to Goldman that the Apple Card disputes system was not ready due to technological issues. These failures meant that consumers faced long waits to get money back for disputed charges, and some had incorrect negative information added to their credit reports. The CFPB is ordering Goldman Sachs to pay at least $19.8 million in redress and a $45 million civil money penalty, and Apple to pay a $25 million civil money penalty. The CFPB is also banning Goldman Sachs from launching a new credit card unless it can provide a credible plan that the product will actually comply with the law.
About This Business
Business Details
- Local BBB:
- BBB Serving Metropolitan New York
- BBB File Opened:
- 1/1/2001
- Business Started:
- 1/1/1869
- Type of Entity:
- Corporation
- Alternate Names:
- Goldman, Sachs & Co.
- Business Management:
- Mr. David M. Solomon, Chairman and Chief Executive Officer
- Mr. Richard J. Gnodde, CEO of Goldman Sachs International
Additional Contact Information
- Principal Contacts
- Mr. David M. Solomon, Chairman and Chief Executive Officer
- Mr. Richard J. Gnodde, CEO of Goldman Sachs International
Additional Information
- Business Categories
- Investment Security
More Resources
Featured Content
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.