“Goldman Sachs said that its credit-card business is being investigated by the Consumer Financial Protection Bureau over a range of billing and payments practices. The bank disclosed the probe in a quarterly filing on Thursday, saying that regulators were examining its “account management practices, including with respect to the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus.”  While New York-based Goldman made no mention of its partnership with tech giant Apple in the filing, most of the bank’s $11.84 billion in card loans through the second quarter were from the Apple Card.”

“Goldman Sachs Group Inc. leaders have been coy about backing up their recent assertion that the Apple Inc. card is the industry’s most successful credit card launch ever. Regulatory filings this week offer a first glimpse into the numbers that had the bank gushing.”

“The unveiling of the Apple Card marks a major expansion of the company’s foray into financial services, begun with Apple Pay. Customers will be able to sign up for the Apple Card on their iPhones and begin using it for purchases within days, the company said. It will offers 2% cash back on purchases and uses machine-learning on Apple’s devices to organize people’s spending behavior into weekly and monthly summaries. Customers can receive a physical, titanium version of the card to use in locations where Apple Pay isn’t yet accepted.”

“Citigroup Inc., JPMorgan Chase & Co. and others pitched their services, the people said. Apple instead went with a name little known on Main Street: Goldman Sachs GS -0.18% Group Inc. The elite investment bank will soon roll out an Apple credit card that will sync with an iPhone app, The Wall Street Journal reported last week. The card is part of a broader partnership between Apple and Goldman to offer financial advice and products to millions of iPhone users.”