The Consumer Financial Protection Bureau has ordered Apple and Goldman Sachs to pay over $89 million in penalties for failing to properly handle disputed charges and misleading customers.
The CFPB's findings indicate a tumultuous relationship between Apple and Goldman Sachs, reflecting their lack of experience in the consumer credit card market.
In 2023, Apple proposed exiting its contract with Goldman Sachs within 12 to 15 months, highlighting the ongoing tensions between the two companies in managing the Apple Card.
The investigation revealed that Apple Card users experienced significant issues with dispute resolutions, as many disputes were not properly communicated to Goldman Sachs, impacting consumer rights.
Collection
[
|
...
]