Goldman and Apple pay $89M over alleged Apple Card consumer violations
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleFTC files contempt against credit card processor Cliq for alleged ongoing compliance failures
The Federal Trade Commission asked a court to hold the payment processor Cliq in contempt for allegedly “flagrantly” violating a 2015 order that the company monitor transactions for illegal charges and activity.
-
News BriefCFPB sues Capital One over 'cheating' customers on savings account interest rates
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
-
News BriefNew CFPB payment privacy rule on the way for gaming companies, cryptocurrencies, Big Tech
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
More from Regulatory Enforcement
-
ArticleFrench investigators target anticompetitive practices in largest accounting firms
Major accountancy firms in France are under investigation for anti-competitive practices. The French competition watchdog embarked on a series of “unannounced inspections” and removed documents relating to audit and reporting on Jan. 13.
-
ArticleEU investigation into Grok may expose problems with DSA rather than compliance failings
The European Commission has launched a formal investigation against Elon Musk’s X under the Digital Services Act over fears that its AI tool Grok may be producing and disseminating illegal material.
-
ArticleFormer ADM execs inflated operating profits, SEC alleges
Three former executives at Archer-Daniels-Midland intentionally misled investors by inflating the performance of the company’s Nutrition unit, the U.S. Securities and Exchange Commission has alleged.