Apple, Goldman Sachs Fined $89 Million Over Apple Card Missteps, Government Watchdog Orders Victim Compensation
Portfolio Pulse from Aaron Bry
Apple and Goldman Sachs have been fined $89 million by the CFPB for service breakdowns and misrepresentations affecting Apple Card users. The issues included long refund wait times and incorrect credit reporting. Goldman Sachs is also restricted from launching new credit card products until issues are resolved.
October 23, 2024 | 8:26 pm
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NEGATIVE IMPACT
Apple has been fined $25 million by the CFPB due to service breakdowns and misrepresentations affecting Apple Card users. This could impact Apple's reputation and customer trust in its financial products.
The fine and allegations of misrepresentation could harm Apple's reputation, especially in its financial services segment, potentially affecting customer trust and future product uptake.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Goldman Sachs faces a $64 million penalty from the CFPB for issues with the Apple Card, including a ban on launching new credit card products until problems are resolved. This could affect Goldman's credit card business growth.
The significant fine and restrictions on launching new credit card products could hinder Goldman's growth in the credit card market, affecting its financial services strategy.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90