Apple and Goldman Sachs were fined more than $89 million for mishandling consumer disputes of Apple Card transactions, the CFPB said.
Apple and Goldman Sachs were fined more than $89 million for mishandling consumer disputes of Apple Card transactions, the Consumer Financial Protection Bureau said on Wednesday.
The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law. The fines are tied to allegations that Apple and Goldman Sachs misled consumers about the interest-free payment plans for Apple devices.The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs. Even when Goldman Sachs did receive disputes, the CFPB said the bank did not follow federal requirements when investigating the cases.
Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law."Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law," said CFPB director Rohit Chopra.
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