New York regulator investigating Apple Card for possible gender bias.
A New York regulator says it is investigating Goldman Sachs for possible gender discrimination in the way it sets credit limits for the Apple Card.A spokeswoman for the New York Department of Financial Services confirmed Saturday that the agency will investigate.
The agency is"troubled to learn of potential discriminatory treatment in regards to credit limit decisions reportedly made by an algorithm of Apple Card, issued by Goldman Sachs," said spokeswoman Sophia Kim. She said the department"will be conducting an investigation to determine whether New York law was violated and ensure all consumers are treated equally regardless of sex."
"Our credit decisions are based on a customer's creditworthiness and not on factors like gender, race, age, sexual orientation or any other basis prohibited by law," said Goldman Sachs spokesman Andrew Williams. He added that the bank could not comment on decisions about individual customers.
When Apple Card finally raised her credit limit without addressing the scoring system, he tweeted, it was essentially trying to"bribe one loud mouth on Twitter, then we don't have to actually examine our faulty faith in THE ALGORITHM."Apple introduced the Apple Card earlier this year in a partnership with Goldman Sachs.
"Simplicity, transparency and privacy are at the core of our consumer product development philosophy," said Goldman Sachs Chairman and CEO David M. Solomon.
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