The Consumer Financial Protection Bureau ended settlements with Apple (NASDAQ:AAPL) and U.S. Bank years ahead of schedule, as per September court filings. The move aligns with President Donald Trump’s broader effort to scale back CFPB oversight of consumer finance, including dropping settlements with Toyota Motor (NYSE:TM) and Bank of America (NYSE:BAC) and shelving nearly all pending enforcement cases, Reuters reported on Tuesday.
In October 2024, the CFPB held the iPhone maker and Goldman Sachs responsible for mishandling Apple Credit Card dispute transactions.
Also Read: Consumer Finance Watchdog Cracks Down on Credit Card Sneaky Fees and False Promises
The settlement required five years of compliance. Apple has now paid the full $25 million penalty.
The CFPB penalized Apple $25 million and Goldman Sachs $65 million for service failures and misleading practices related to the Apple Card.
The watchdog alleged the problems, known since the card’s 2019 launch, left customers waiting for refunds, facing credit report errors, and being charged interest on supposed zero-interest Apple product payments.
The $89 million total penalty included $20 million for victim redress, with Goldman barred from launching new credit cards until it proves compliance.
Apple held $36.27 billion in cash and equivalents as of June 28, 2025.
The CFPB ended U.S. Bank’s 2023 settlement for allegedly blocking unemployed consumers from accessing pandemic benefits.
The bank paid the $15 million penalty and pledged to fortify its compliance practices.
Price Action: AAPL stock is up 0.18% at $256.46 at last check on Tuesday.
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