The United States Consumer Financial Protection Bureau (CFPB) ordered Goldman Sachs to pay $65 million, comprising $19.8 million in redress and a $45 million civil money penalty, and Apple to pay a civil money penalty of $25 million over their consumer credit card business.
"The CFPB found that Apple 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 not follow numerous federal requirements for investigating the disputes," the watchdog said on Wednesday.
The regulator also banned Goldman Sachs from launching any new consumer credit card offerings unless it could prove compliance with legal standards. As per the CFPB, the lender and Apple "illegally sidestepped their legal obligations for Apple Card borrowers."
