- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-10-24T17:54:00
Apple and Goldman Sachs have agreed to pay $89 million for alleged gross customer service failures related to Apple Card, the Consumer Financial Protection Bureau (CFPB) said Wednesday.
Apple Card, a credit card, launched in 2019 and was the result of a novel pairing up between a tech company and an investment bank. The collaboration involved Goldman extending the credit and handling accounts, and Apple designing the apps and interfaces for users of Apple devices to access their Apple Card accounts.
Goldman is one of the largest investment banks in the world. Apple is a multinational tech company that had offered consumer financial services since 2014, to encourage more people to buy its high-end devices. But neither company had launched a credit card until Apple Card.
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Two federal banking regulators found deficiencies with the sale of derivatives in the resolution plans of Bank of America, Goldman Sachs, and JPMorgan Chase, while the regulators disagreed on the severity of an issue with Citigroup’s plan.
Sanjay Wadwha, deputy director of the SEC’s Enforcement Division, discussed the agency’s rationale for issuing widely disparate penalties for off-channel communications recordkeeping violations, as well as violations of its amended marketing rule.
The Financial Industry Regulatory Authority fined Goldman Sachs $512,500 for allegedly failing to properly surveil certain types of securities for potential manipulative trading activity for more than a decade.
Four current or former public companies will pay a total of nearly $7 million in fines to settle charges by the Securities and Exchange Commission that they underplayed or failed to disclose material information about how the SolarWinds Orion hack affected them.
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