CFPB Ends Oversight of Apple and U.S. Bank Early Through Settlements

The Consumer Financial Protection Bureau (CFPB) has terminated its oversight of Apple and U.S. Bank ahead of schedule after both companies agreed to settlement terms. Apple will pay $25 million, while U.S. Bank settles for $15 million, resolving allegations of consumer protection violations.

Apple's penalty stems from mishandling transaction disputes tied to the Apple Credit Card, a product developed in partnership with Goldman Sachs. The CFPB found Apple failed to forward disputes to Goldman Sachs and misled customers about interest-free purchases. Goldman Sachs faces separate penalties totaling $64.8 million for its role in the Apple Card program.

U.S. Bank's settlement concludes another CFPB enforcement action, though details of its violations remain undisclosed. Both cases originated during the Biden administration with five-year oversight periods now cut short.