Apple and Goldman Sachs must pay $89 million for mishandling Apple Card transactions, CFPB orders

Apple and Goldman Sachs must pay $89 million for mishandling Apple Card transactions, CFPB orders

24 days ago
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https://apnews.com/article/apple-card-goldman-sachs-89-million-fine-e991849da050a5b072ba2a7a016af310

NEW YORK (AP) — A federal regulator on Wednesday ordered Apple and Goldman Sachs to pay a combined $89 million for deceiving consumers and mishandled transaction disputes of Apple Card customers.

The Consumer Finance Protection Bureau orders point to “customer service breakdowns and misrepresentations” around Apple and Goldman's credit card partnership. Apple failed to send tens of thousands of Apple Card disputes to Goldman, and when such customer disputes were reported, the investment bank did not follow federal requirements for investigating, the agency said.