CFPB fine makes Goldman’s plan to offload Apple Card that much harder

The news: The Consumer Financial Protection Bureau (CFPB) ordered Goldman Sachs and Apple to pay more than $89 million in combined penalties over their handling of the Apple Card, per a press release.

The CFPB’s yearslong investigation found that Goldman and Apple mishandled consumer disputes and misled cardholders about refunds and Apple product payment plans.

• Goldman will have to pay $19.8 million in refunds to customers, on top of a $45 million penalty. Apple will have to pay a $25 million fine.
• The CFPB also banned Goldman from launching any new credit cards until it can offer a plan for the product to be fully compliant with the law.