Apple and Goldman Sachs have been accused by the Consumer Financial Protection Bureau (CFPB) of payment issues and transactional faults, as the agency levied hefty fines against the two for their alleged mishandling of the Apple Card credit service.
The CFPB took action against the corporations “for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users,” the agency said in an Oct. 23 statement.
“Apple failed to send tens of thousands of consumer disputes of Apple Card transactions to Goldman Sachs, and when Apple did send disputes to Goldman Sachs, the bank did not follow numerous federal requirements for investigating the disputes,” according to the statement….