Apple and Goldman Sachs Fined $90 Million Over Apple Card Disputes
The Consumer Financial Protection Bureau has ruled that Apple was not ready for Apple Card disputes, and tens of thousands were then not dealt with properly by Goldman Sachs.
The Consumer Financial Protection Bureau (CFPB) has ruled that Apple and Goldman Sachs failed to properly handle disputes related to the Apple Card, resulting in a $90 million penalty. The CFPB found that Apple's systems were inadequate for handling disputes, while Goldman Sachs failed to follow federal investigation requirements. In its ruling, the CFPB banned Goldman Sachs from launching any new consumer credit card unless it can demonstrate compliance with the law. Apple has been ordered to pay a $25 million civil penalty and Goldman Sachs must pay at least $19.8 million in redress, as well as a $45 million civil money penalty.
