U.S. watchdog agency orders Goldman Sachs, Apple to pay $89 million over Apple Card issues
Apple Card partner Goldman Sachs
Goldman Sachs and Apple have been ordered to pay $89 million for violations of consumer protection laws in their joint Apple Card credit card business, the U.S. Consumer Financial Protection Bureau announced Wednesday.
Reuters:
In partnership to finance Apple customers’ purchases through the Apple credit card, the two companies mishandled transaction disputes and misled iPhone purchasers about whether their purchases were in fact interest-free, according to the agency.
In addition to penalties and consumer redress, Goldman Sachs will face restrictions on its ability to issue new credit cards, the announcement said.
CFPB Director Rohit Chopra said the misconduct had affected hundreds of thousands of Apple Card users.
“This led to wrongful charges, mishandled disputes and damaged credit reports,” he told reporters, and “resulted in real harm to real people.”
In a statement, Goldman said it was pleased to have resolved the matter… Apple did not immediately respond to a request for comment.
MacDailyNews Take: A drop in the bucket. For perspective, Apple in January announced that Apple Card users had earned more than $1 billion in Daily Cash from Apple Card spending in 2023.
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