Violation Tracker Global

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Violation Tracker Global: Individual Record

Company: Apple Inc.
Current Parent Company: Apple Inc.
Parent at the Time of the Penalty Announcement: Apple Inc.
Jurisdiction: United States
Region: North America
Penalty Currency: U.S. Dollar
Penalty Amount in Original Currency: 25,000,000
U.S. Dollar Equivalent at the Time of the Penalty Announcement: $25,000,000
Year: 2024
Date: October 23, 2024
Agency: Consumer Financial Protection Bureau
Offense Group: consumer-protection-related offenses
Offense Category: consumer protection violation
Description: The Consumer Financial Protection Bureau (CFPB) took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users. The CFPB found that 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. Apple and Goldman launched Apple Card despite third-party warnings to Goldman that the Apple Card disputes system was not ready due to technological issues. These failures meant that consumers faced long waits to get money back for disputed charges, and some had incorrect negative information added to their credit reports. The CFPB ordered Goldman Sachs to pay at least $19.8 million in redress and a $45 million civil money penalty, and Apple to pay a $25 million civil money penalty. The CFPB also banned Goldman Sachs from launching a new credit card unless it can provide a credible plan that the product will actually comply with the law.
HQ Country of Current Parent: USA
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: electrical and electronic equipment
Specific Industry of Current Parent: computers
Source of Data: (click here)
Link to this record on U.S. Violation Tracker: here
VTG Record ID: VTG24-73262