Yes, Apple is in financial services. And regulators just hit them with a $25 million Apple Card penalty.
America’s top consumer finance regulator, the CFPB, just did a high profile enforcement on two of the biggest names in banking and tech. They hit Apple and Goldman Sachs for “customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users.”
The CFPB ordered Apple and Goldman to pay $89.8 million in penalties, broken down as follows:
– Apple to pay a $25 million penalty
– Goldman Sachs to pay at least $19.8 million in redress to affected consumers
– Goldman Sachs to pay a $45 million penalty
Below is a link to the CFPB announcement on this enforcement.
And here’s CFPB head Rohit Chopra discussing the Apple/Goldman enforcement.
The fintech golden era suggested tech firms could engage in or power financial services without all the burdensome regs. Not true, as CFPB's Apple Card enforcement now shows.
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Check It Out:
– CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures (CFBP)