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Goldman and Apple 'illegally sidestepped' obligations to credit-card customers
The CFPB fined Goldman and Apple $89.8 million for mishandling transaction disputes and banned Goldman from launching a new credit card unless it demonstrates 'it can actually follow the law.'
Goldman Sachs ( GS) and Apple ( AAPL) have to pay $89.8 million for sidestepping legal obligations to their joint credit card customers, the Consumer Financial Protection Bureau (CFPB) announced Wednesday. The CFPB said its investigation found that Goldman's board of directors learned that critical Apple Card disputes systems were “not fully ready” due to technological issues four days before launch. That prompted millions of dollars in expenses to consumers due to failures within the card program to share and investigate customer disputes, properly convey payment plan details through marketing and refunds through account servicing.
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