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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."
The CFPB alleges that Apple failed to send tens of thousands of consumer disputes of transactions on their accounts to Goldman Sachs. ... Goldman Sachs maintains that "Apple Card is one of the ...
Apple, according to the CFPB, "failed to send tens of thousands of consumer disputes of Apple Card transactions to Goldman Sachs, and when Apple did send disputes to Goldman Sachs, the bank did ...
The Consumer Finance Protection Bureau orders point to “customer service breakdowns and misrepresentations” around Apple and Goldman's credit card partnership. Apple failed to send tens of thousands of Apple Card disputes to Goldman, and when such customer disputes were reported, the investment bank did not follow federal requirements for ...
Apple and Goldman Sachs are being ordered by the Consumer Financial Protection Bureau to pay a combined $89 million in fines stemming from customer service issues with the Apple Card and ...
Goldman Sachs, meanwhile, will pay at least $19.8 million in redress to affected customers, along with a $45 million civil penalty and a temporary ban on issuing new cards.
Apple Card is a credit card created by Apple Inc. and issued by Goldman Sachs, designed primarily to be used with Apple Pay on an Apple device such as an iPhone, iPad, Apple Watch, or Mac. [ 1 ] [ 2 ] Apple Card is available only in the United States , with 12 million cardholders as of early 2024.
A federal regulator on Wednesday ordered Apple and Goldman Sachs to pay a combined $89 million for deceiving consumers and mishandled transaction disputes of Apple Card customers. Apple failed to ...