Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

CFPB action and remedies

• Thread links directly to the CFPB press release: Apple and Goldman Sachs must pay ~$89M, including $19.8M in consumer redress.
• Posters emphasize this is an agency enforcement, not a class action, so less of the money should be lost to legal fees.
• Some note CFPB itself is politically vulnerable and see this as evidence of its value to consumers.

Confusion over “interest‑free” Apple Card installments

• Many discuss how Apple Card Monthly Installments work: separate 0% installment plans that must be explicitly selected at checkout and paid on schedule.
• Several users say the flow in Wallet/Safari was clear and they were never charged interest.
• Others argue it’s easy for average consumers to misunderstand that:
  • Not all purchases or channels are eligible.
  • If you don’t choose the installment option, a normal revolving balance (with interest) applies.
  • Missing an installment or mixing installments with revolving balances is confusing.
• Some see this as misleading marketing; others blame incorrect assumptions by cardholders.

Disputes, backend failures, and UI design

• CFPB findings relayed from the press release:
  • Wallet’s “Report an Issue” plus a follow‑up link via Messages sometimes meant disputes never reached Goldman.
  • Even when disputes did arrive, Goldman often failed to acknowledge, investigate, or resolve on time, and sometimes reported consumers negatively to credit bureaus.
• A few users report smooth dispute experiences; others describe failed or circular dispute handling and even canceling the card.

Fines, deterrence, and regulatory philosophy

• Lively debate on whether fines are just a “cost of doing business” or should be large relative to company size to deter misconduct.
• Disagreement over whether penalties should scale with global revenue, the profit from the offending product, or overall company scale.

Goldman Sachs–Apple partnership

• Multiple comments note Goldman’s inexperience in credit cards and broader retreat from consumer finance (Marcus, loan sales).
• Some argue Apple chose Goldman mainly for generous terms and high approval rates, which may have led to unprofitable, poorly run operations.

Broader credit and Apple ecosystem threads

• Side discussions compare credit vs debit, cashback economics in US vs Europe, and the role of credit history in mortgages.
• Another tangent critiques Apple’s iCloud storage upsell tactics and perceived lagging “Apple Intelligence” features, though others note the AI rollout is staged and still in progress.