CFPB Fines Apple and Goldman Sachs Nearly $90 Million for Apple Card Missteps

The Consumer Financial Protection Bureau penalized the companies for mishandling disputes and misleading users on interest-free options.

The CFPB found that Apple and Goldman Sachs violated the Consumer Financial Protection Act and the Truth in Lending Act.
Goldman Sachs is required to pay $19.8 million in redress and a $45 million fine, while Apple will pay a $25 million fine.
The investigation revealed that Apple failed to send tens of thousands of consumer disputes to Goldman Sachs, which did not properly investigate them.
Consumers were misled about interest-free payment plans for Apple devices, leading many to incur unexpected interest charges.
Goldman Sachs also misled cardholders about how refunds were applied, resulting in additional interest expenses for over 10,000 cardholders.