Update: In a statement to 9to5Mac, an Apple spokesperson said the company strongly disagrees with the CFPB’s “characterization of Apple’s conduct.” Nonetheless, the two have “aligned” on an agreement:
“Apple is committed to providing consumers with fair and transparent financial products. Apple Card is one of the most consumer-friendly credit cards available, and was specifically designed to support users’ financial health. Upon learning about these inadvertent issues years ago, Apple worked closely with Goldman Sachs to quickly address them and help impacted customers. While we strongly disagree with the CFPB’s characterization of Apple’s conduct, we have aligned with them on an agreement. We look forward to continuing to deliver a great experience for our Apple Card customers.”
Apple also highlights the Apple Card’s focus on financial health, including its interest calculator, Apple Card Family, no fees, and more. There’s also the Path to Apple Card program to help users improve their financial health.
Apple and Goldman Sachs have officially been hit with over $89 million in fines due to “Apple Card failures.” The Consumer Financial Protection Bureau announced the ruling today after a multi-year probe into Apple Card.
While it was initially believed that Goldman Sachs would be the one on the hook for these fines, it turns out that Apple itself will also have to pay up.
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