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Consumer Financial Protection Bureau ends monitoring of Apple years ahead of schedule

MacDailyNews

Sep 23

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The Consumer Financial Protection Bureau (CFPB) has scraped settlements with Apple and U.S. Bank that were implemented in October 2024, ending oversight requirements years early, according to court filings dated earlier this month.

Christian Martinez for Reuters:
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The moves follow efforts by President Donald Trump’s administration to minimize CFPB oversight of consumer finance. The Trump administration has also quietly ended the agency’s settlements with Toyota and Bank of America while also dropping almost all enforcement actions that were pending when Trump took over.
The Apple settlement originated last fall when the CFPB found that the tech giant and Goldman Sachs had violated consumer protection laws for allegedly mishandling transaction disputes stemming from the Apple Credit Card and misled purchasers about whether some transactions were interest-free. The original settlement had required five years of enhanced compliance and cooperation.
Court documents released on Monday state that Apple had paid a civil money penalty of $25 million, the full amount required under the October 2024 action.

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MacDailyNews Take: Sounds great, less grilling.

As we wrote of the CFPB back in September 2023, it’s “yet another prime example of meddling federal government overreach that currently wields too much unchecked power.”

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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

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