Goldman Sachs and Apple have amassed $90 million in penalties with Goldman Sachs already losing millions of dollars from the Apple Card since 2022 with multiple problems in their credit division tied with it. The credit firm cannot release any more new credit cards.
The CFPB, or Consumer Financial Protection Bureau, released a statement that issues created by the companies have affected thousands of Apple Card consumers, with Apple failing to send Goldman Sachs details on transaction disputes from tens of thousands of purchases, and with the credit firm failing to comply with the requirements for federal investigation.
The financing firm is penalized for redress amounting to $19.8 million and civil money penalty amounting to $45 million, while Apple must pay civil penalty of $25 million. An executive from Goldman Sachs reportedly regrets the decision to heavily invest on Apple consumer products, with the Apple Card turning out to be a costly failure for the finance firm.
