APPLE CARD FAILURES HIGHLIGHT COMPLIANCE CONCERNS FOR BANK-FINTECH ARRANGEMENTS

The Consumer Financial Protection Bureau (“CFPB”) recently entered into consent orders with Goldman Sachs Bank and Apple, Inc. over alleged mismanagement of disputes and deceptive marketing related to the Apple Card. The order requires Apple and Goldman to pay over $89 million collectively in civil penalties and redress for issues with the Apple Card. Additionally, Goldman is prohibited from launching a new credit card without a credible compliance plan…Read More