Apple responds after being fined with Goldman Sachs over Apple Card issues
Apple responds after being fined with Goldman Sachs over Apple Card issues
Following an investigation, the Consumer Financial Protection Bureau (CFPB) today announced it has fined Apple and Goldman Sachs nearly $90 million combined for “Apple Card failures” related to “customer service breakdowns” and “misrepresentations.” Apple has been ordered to pay a $25 million fine, which will go to the CFPB’s victims relief fund, while Goldman Sachs is required to pay at least $19.8 million in redress to impacted consumers and a $45 million fine.
In a statement shared with MacRumors, Apple said it strongly disagree[s] with the CFPB’s characterization of the company’s conduct.
“Apple is committed to providing consumers with fair and transparent financial products,” an Apple spokesperson said. “Apple Card is one of the most consumer-friendly credit cards available, and was specifically designed to support users’ financial health. Upon learning about these inadvertent issues years ago, Apple worked closely with Goldman Sachs to quickly address them and help impacted customers. While we strongly disagree with the CFPB’s characterization of Apple’s conduct, we have aligned with them on an agreement. We look forward to continuing to deliver a great experience for our Apple Card customers.”
MacDailyNews Take: Apple Card certainly is one of the most consumer-friendly credit cards available!
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