The Consumer Financial Protection Bureau (CFPB) has fined Goldman Sachs Group Inc (NYSE:GS, ETR:GOS) and Apple Inc (NASDAQ:AAPL, ETR:APC) over $89 million for mishandling customer obligations related to their joint Apple Card.
The agency accused the companies of failing to properly handle disputed transactions and misleading customers about interest-free payment plans.
Goldman must pay $19.8 million in compensation and a $45 million penalty, while Apple faces a $25 million penalty.
Goldman acknowledged operational issues following the card's 2019 launch and stated it had addressed them.
Apple expressed disagreement with the CFPB’s findings but reached an agreement.
This comes as Goldman seeks to exit the partnership, following years of losses in its retail banking efforts, while Apple continues its push into financial services despite regulatory scrutiny.