The Consumer Financial Protection Bureau (CFPB) has terminated settlements with Apple and U.S. Bank, implemented during former President Joe Biden’s administration. According to court filings from earlier this month, this action concludes oversight requirements years ahead of schedule. The moves align with efforts from the Trump administration to reduce CFPB oversight in consumer finance.
The Apple settlement, reached last fall, addressed CFPB findings that Apple and Goldman Sachs allegedly violated consumer protection laws. The case centred on mishandled transaction disputes related to the Apple Credit Card and misleading claims about interest-free transactions. The original settlement mandated five years of enhanced compliance and cooperation. Court documents indicate that Apple has already paid the full civil penalty of $25 million, as stipulated in the October 2024 action.
Separately, the CFPB disclosed that U.S. Bank had fulfilled its $15 million penalty obligation. This settlement resolved allegations that the bank illegally obstructed unemployed consumers from accessing unemployment benefits during the pandemic. The initial 2023 agreement with the CFPB also included a five-year compliance and cooperation requirement. The filing acknowledged U.S. Bank’s redress payments and ongoing measures to prevent future violations.
Apple is a multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services. U.S. Bank is a financial services institution providing a range of banking, investment, and trust services to individuals, businesses, and institutions.
