From CNBC: 2024-10-23 11:24:55

Apple and Goldman Sachs were ordered by the Consumer Financial Protection Bureau to pay over $89 million for mishandling Apple Card consumer disputes. Apple failed to send disputes to Goldman Sachs and the bank didn’t investigate properly. Goldman Sachs must pay $45 million in penalties and Apple $25 million, with restrictions on launching new credit cards.

Apple Card, launched in 2019, offered more simplicity and transparency in credit cards with features like financing Apple devices interest-free. However, the CFPB found that consumers were misled about interest-free payments, resulting in some paying extra interest charges and incorrect credit reports. Both Apple and Goldman Sachs were instructed to address these issues.

Goldman Sachs and Apple were accused of “illegally sidestepping their legal obligations” for Apple Card borrowers by the CFPB. The bureau ordered penalties for mishandling consumer disputes related to Apple Card transactions. Both companies were instructed to comply with federal regulations and properly investigate cases in the future.

Read more: Apple, Goldman Sachs fined over $89 million for Apple card failures