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Apple, Goldman Sachs fined $89 million by US CFPB for Apple Card consumer credit card failures

By Neil Roland ( October 23, 2024, 22:13 GMT | Insight) -- Federal regulators imposed a combined $89 million fine on Apple, the technology powerhouse trying to grow its consumer banking business, and Goldman Sachs, the financial titan now trying to exit consumer banking, over their Apple Card failures. The giants’ 2019 launch of Apple Card, the popular digital credit card, was “a mess,” US Consumer Financial Protection Bureau Director Rohit Chopra said. Apple Card was both companies’ first credit-card venture.Federal regulators imposed a combined $89 million fine on Apple, the technology powerhouse trying to grow its consumer banking business, and Goldman Sachs, the financial titan now trying to exit consumer banking, over their Apple Card failures....

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