Goldman faces consumer bank inquiry from the U.S. Federal Reserve: Bloomberg

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The U.S. Federal Reserve is reviewing Goldman Sachs Group Inc.’s GS, -1.63% consumer-banking business, according to a report Friday by Bloomberg. Citing people familiar with the central bank, Bloomberg reported that the central bank has been questioning Goldman management for several weeks about the business. Goldman Sachs declined to comment, the report said. Goldman Sachs disclosed in an Aug. 4 filing that it’s cooperating with the Consumer Financial Protection Bureau’s investigation of GS Bank USA’s credit card account management practices. The GS Bank USA probe includes the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus, the filing said. Shares of Goldman Sachs are down 14.7% in 2022 compared to an 18.7% drop by the S&P 500 SPX, -0.72%.

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