Apple, Goldman Sachs ordered to pay more than $89 million over Apple Card failures

Apple and Goldman Sachs must pay more than $89 million over failures related to their joint Apple Card, federal financial regulators announced Wednesday.

The Consumer Financial Protection Bureau (CFPB) said the companies provided inadequate customer service and misrepresented transactions and card features to hundreds of thousands of Apple Card users.

"Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers," CFPB Director Rohit Chopra said in a statement. "Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law."