Apple and Goldman Sachs Fined Over Apple Card Failures

Apple and Goldman Sachs are under scrutiny due to failures associated with the Apple Card, a product co-branded by the two companies. The Consumer Financial Protection Bureau (CFPB) has imposed fines following complaints regarding the handling of billing disputes and the administration of credit services. The investigation highlighted Goldman Sachs’ responsibility as the bank managing the credit accounts and found compliance lapses in managing customer disputes and resolving issues in a timely manner.

These failures included delayed responses to billing errors and inadequate communication with customers regarding their rights in financial disputes. This regulatory action marks one of the latest examples of increasing oversight of tech companies’ involvement in financial services. While Goldman Sachs has acknowledged some operational challenges, both companies are expected to take corrective measures to improve their services and avoid further penalties.

Sources:

• CNBC
• NerdWallet