Here's Something Else Goldman-for-the-People Didn't Do Very Well

Rohit Chopra, the director of the C.F.P.B., stated that despite being alerted to customer disputes, Goldman often fell short of federal requirements to address and resolve these in a timely manner. This failure reflects a broader issue in their credit card management, showcasing a lack of adherence to necessary legal protocols. The agency's criticism highlights the serious implications for customer trust and regulatory compliance that can arise from such oversights.

Chopra pointed out that people were misled concerning interest-free payment options for Apple devices. Customers were led to believe that their purchases with the Apple Card wouldn't incur interest, yet they faced substantial charges. This situation underscores a transgression in customer communication and transparency, raising questions about how seriously these financial institutions are taking their obligations to inform customers accurately.

The partnership between Apple and Goldman Sachs has faced significant backlash since its inception in 2019. According to Chopra, the execution of this credit card launch was fundamentally flawed, resulting in ongoing challenges and misconceptions among consumers. This reflects not only on the operational capabilities of Goldman Sachs but also on Apple’s role in ensuring customer satisfaction and regulatory compliance.

Goldman Sachs' attempts to navigate the retail banking landscape have been fraught with difficulties. With a public acknowledgement of over $6.5 billion lost and scrutiny from regulatory bodies, the bank's aspirations to effectively serve as a Main Street bank seem to remain precarious. This situation raises significant concerns about the practicalities of their strategic decisions and their long-term viability in the consumer banking sector.

Read at Dealbreaker