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Yesterday, Apple Inc. announced it will release a credit card, a new venture into financial services that will require it to comply with a host of new financial regulations.

Apple Card is set to be available in the U.S. starting this summer on iPhone’s Apple Wallet app as well as in physical form, and will be backed by established financial institutions Goldman Sachs and Mastercard, according to the company.

“They are now in a regulated industry,” said Clark Hill of counsel Thomas Brooks and previous GC of the Federal Deposit Insurance Corporation (FDIC), which insures depositors. Before Apple was a retailer that offered a lot of services and products and provided a payment mechanism.” Now, they must comply with a variety of banking requirements, he said.  

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Victoria Hudgins

I am a reporter for Legaltech News where I cover national and international cyber regulations and legal tech innovations and developments.

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