Apple and Goldman Sachs will pay over $89 million in combined fines and refunds because of failures stemming from the companies’ Apple Card partnership, according to U.S. regulators Wednesday, which temporarily blocked Goldman from issuing new credit cards.

Following an investigation, the Consumer Financial Protection Bureau (CFPB) today announced it has fined Apple and Goldman Sachs nearly

The US Consumer Financial Protection Bureau ordered Goldman Sachs and Apple to pay $89 million, and Goldman was temporarily banned from issuing new credit cards, because of the companies’ mishandling of their Apple Card partnership.

The Consumer Financial Protection Bureau has ruled that Apple was not ready for Apple Card disputes, and tens of thousands were then not dealt with properly by Goldman Sachs.

Corporate giants Goldman Sachs and Apple will pay $89 million for violations of consumer protection laws in their joint credit card business, the U.S. Consumer Financial Protection Bureau announced Wednesday.

"Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers," CFPB Director Rohit Chopra said in the statement

Goldman Sachs could be forced to pay tens of millions of dollars in fines by the Consumer Financial Protection Bureau, over the way it handled complaints about Apple Card and other credit cards.

Goldman Sachs Group Inc. is expected to pay a fine tied to a Consumer Financial Protection Bureau probe into its credit-card business, according to a person with knowledge of the matter.

Goldman Sachs is facing a fine in the tens of millions of dollars from the U.S. Consumer Financial Protection Bureau over its credit card business, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.