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Apple, Goldman Sachs fined $89 million for misleading Apple Card customers

The Consumer Financial Protection Bureau (CFPB) issued $89 million in fines against Apple and Goldman Sachs.

When it finally sent the transactions to the investment bank, Goldman Sachs failed to follow “numerous federal requirements for investigating the disputes,” according to the CFPB’s announcement. Some consumers believed they could make interest-free payments to purchase an Apple device with the credit card but interest charges still showed up on their bill “because they were not automatically enrolled as expected.” Four years later, a report from the Wall Street Journal said that Goldman Sachs was starting to have doubts about the consumer lending industry and thought the venture may have been a mistake.

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