Oct 23 (Reuters) - Corporate giants Goldman Sachs ( GS )

and Apple ( AAPL ) 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.

Goldman Sachs ( GS ) will also face restrictions on its ability to

issue new credit cards, according to CFPB.

"The companies violated consumer financial protection laws

through their practices related to Apple ( AAPL ) card affecting hundreds

of thousands of Apple Card users," CFPB Director Rohit Chopra

told reporters. "This led to wrongful charges, mishandled

disputes and damaged credit reports."