Apple Card and Toyota escape US consumer protection

Budget cuts by the US government have a detrimental effect on consumer protection. In addition to financial institutions, corporations such as Apple and Toyota, which have been caught with legal violations, also benefit from this.

The US Federal Agency for Consumer Protection in Finance, CFPB (Consumer Financial Protection Bureau), is reduced to a minimum. The budget is reduced to a fraction, the majority of the staff are terminated. The office should only be responsible for 26 selected companies, spread over the credit rating, debt stimulation, international transfers and vehicle financing.

The CFPB must set all other procedures. For example, Toyota was caught having approved vehicle creditors through paid additional offers. Terminations of these additives have been made more difficult, reimbursements were not carried out or too low, and credit ratings from customers were impaired by incorrect information. In November 2023, Toyota had to pay twelve million US dollars. In addition, there were requirements such as well -being and compensation in the amount of $ 48 million. From now on, the CFPB will not only not check whether Toyota complies with these requirements, it also expressly waives the persecution of any claimed legal violations (AZ 2023-CFPB-0015).

Guided supervision of Apple

Apple’s faults and its financial partner Goldman Sachs Bank USA, users of the Apple Card credit card cost millions. The Apple Card is a MasterCard credit card that has been marketed by Apple in the USA since 2019 and published by Bank Goldman Sachs. Surprising interest loads, disadvantageous booking of reimbursements, and non -processing of customer complaints meant that the Apple Card owners were asked to pay for expenses that they would not have to answer.

In October 2024, it set $ 25 million for Apple, $ 45 million for Goldman Sachs. There were also requirements, including $ 20 million compensation for damaged consumers from Goldman Sachs’ and compliance programs for both corporations for five years. Now has the CFPB compared to Appleto examine compliance with the regulations or to pursue any injuries (Az. 2024-CFPB-0012).

A similar license for Goldman Sachs should soon follow. Other financial institutions such as the US Bank or the Navy Federal Credit Union have already received their violations. A penalty against the British financial service manager Wise due to hidden fees was subsequently reduced from over $ 45,000 to $ 45,000 (Az. 2025-CFPB -,0004).