CFPB lifts consent orders against Apple, U.S. Bancorp

The Consumer Financial Protection Bureau terminated consent orders against Apple and U.S. Bancorp ahead of schedule.

The CFPB terminated an October 2024 consent order with Apple that had alleged that the tech giant failed to send thousands of Apple Card consumer disputes to partner bank Goldman Sachs. The bureau said that Apple had paid its $25 million penalty, which it cited as the main reason to end the enforcement action more than four years ahead of the compliance and cooperation period.

Goldman, as part of last year’s intervention, was ordered to pay a $45 million civil money penalty and make at least $19.8 million in redress. Goldman was also barred from launching another credit card until “it can provide a credible plan that the product will actually comply with the law.”

Separately, the CFBP freed U.S. Bancorp from a December 2023 order that forced the Minneapolis bank to pay nearly $21 million to address claims it froze the unemployment benefits of ReliaCard holders. The move forced those customers during the peak of the pandemic to verify their identities to unfreeze their accounts.

The CFPB said in a new court filing that U.S. Bank “has fulfilled certain obligations under the order,” including paying the $15 million civil money penalty, making required redress payments “and taking steps to implement injunctive relief to prevent future violations.”