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CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures

The CFPB took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users.

Four days before launch, the Goldman Sachs board of directors learned that critical Apple Card disputes systems were “not fully ready” due to technological issues, but the companies proceeded anyway. These failures led to Goldman Sachs illegally placing damaging information on consumers’ credit reports and holding cardholders responsible for potentially fraudulent or unauthorized purchases. If Goldman Sachs makes another attempt to enter the credit card market, the CFPB plans to closely police the company to avoid repeat offenses.

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