NEW YORK — The Consumer Financial Protection Bureau (CFPB) ordered Apple and Goldman Sachs to pay a combined $89 million Wednesday, citing serious mishandling of Apple Card transactions and deceptive practices that harmed consumers. The action follows CFPB findings of “customer service breakdowns and misrepresentations” in the companies’ Apple Card partnership, including delays and mishandling of transaction disputes.

The watchdog alleges that Apple failed to forward tens of thousands of Apple Card disputes to Goldman Sachs, which in turn did not meet federal investigation standards on these customer complaints. As a result, affected customers faced prolonged waits for refunds, and in some cases, inaccurate negative information was added to their credit reports.

The CFPB also noted misleading practices around interest-free payments for Apple devices purchased with the Apple Card. Consumers who thought they would automatically receive interest-free financing were instead charged interest on these purchases, the agency found. Additionally, Goldman Sachs reportedly mishandled some refund requests, compounding consumer frustration.

Apple responded to the order by stating that it identified and resolved the “inadvertent issues” with Goldman Sachs years ago. The company maintains that “Apple Card is one of the most consumer-friendly credit cards available” and emphasized its commitment to users’ financial well-being. Goldman spokesperson Nick Carcaterra expressed similar sentiments, underscoring that Goldman had worked with Apple to make improvements for impacted customers.

The CFPB’s ruling mandates penalties and consumer refunds: Apple will pay a $25 million fine, while Goldman Sachs faces a $45 million penalty in addition to at least $19.8 million in consumer redress. Notably, the CFPB has also barred Goldman from launching any new credit card product without first demonstrating compliance with federal standards.

“These failures are not mere technicalities. They resulted in real harm to real people,” CFPB Director Rohit Chopra said, highlighting that hundreds of thousands of Apple Card users were affected. Chopra added in a separate statement, “Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law.”

Launched in 2019, the Apple Card was marketed as a seamless, consumer-friendly credit card integrated with Apple Pay and designed for use on devices like the iPhone and Apple Watch. However, the CFPB suggests the card’s rollout was premature, noting prior warnings of technical issues.

Goldman Sachs, which has struggled in the consumer banking sector, recently ended a credit card deal with General Motors, with Barclays stepping in as the new partner. The setback with Apple Card now adds to the Wall Street firm’s ongoing challenges in establishing itself in retail banking.

This recent enforcement underscores the heightened scrutiny on Big Tech and Wall Street’s consumer finance ventures as regulators aim to ensure compliance and accountability across all sectors.

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