Apple Inc. and Goldman Sachs Group Inc. have agreed to pay over $89 million to settle charges following a prolonged investigation by the Consumer Financial Protection Bureau (CFPB). This investigation revealed that the two companies mishandled transaction disputes and provided misleading information to iPhone purchasers regarding interest-free payment options.

The results of the CFPB show notable shortcomings in customer service and communication that affected hundreds of thousands of Apple Card users a joint venture between the computer behemoth Apple and the financial company Goldman Sachs. Reacting to these results, the CFPB has fined both businesses. Goldman Sachs must specifically pay a $45 million civil money penalty in addition to at least $19.8 million in reparations to impacted consumers, Conversely Apple has to pay a $25 million civil money penalty for its part in these infractions, Furthermore the CFPB has barred Goldman Sachs from launching fresh credit card products unless it can show a convincing strategy to guarantee legal compliance.

CFPB Director Rohit Chopra emphasized that neither Big Tech nor major Wall Street firms are above the law, stating that Apple and Goldman Sachs "illegally sidestepped their legal obligations" regarding the Apple Card, This crackdown by the CFPB signals the agency’s intent to hold major corporations accountable for failing to uphold consumer protection laws.

The investigation brought to light several critical issues in the companies' handling of Apple Card customer disputes, Apple was found to have failed in forwarding tens of thousands of transaction disputes to Goldman Sachs, which was responsible for handling these disputes. Moreover when disputes were passed along to the bank, Goldman did not follow the federal guidelines required to investigate and resolve the disputes properly. This led to numerous consumers not receiving the assistance they were legally entitled to, creating widespread dissatisfaction.

For some time, Goldman Sachs has been struggling with the Apple Card alliance; several sources indicate the bank is trying to distance itself from the endeavor, Goldman revealed in 2022 that the CFPB had already started looking at how the bank handled billing disputes, refunds, and other crucial customer service practices including credit card operations, The probe also looked at Goldman's advertising policies, especially in respect to interest-free payment arrangements, and how the bank files consumer data to credit bureaus.

These problems beyond the CFPB. Reflecting the range of issues about Goldman Sachs' activities, several federal agencies have also started investigations into the management of the Apple Card in recent years, Although both businesses have not yet officially responded on the CFPB's latest ruling, this deal signals a major turning point in the investigation Apple and Goldman Sachs face on their joint credit card endeavor.