The Apple Card doesn’t actually discriminate against women, investigators say

Goldman Sachs’ credit card policy was questioned by Basecamp’s designer David Heinemeier Hansson and Apple co-founder Steve Wozniak claiming they received lower Apple Card credit limits simply because their female partners were women. However, a recently concluded New York State Department of Financial Services survey revealed that Apple’s banking partners did not discriminate on the basis of gender. Bloomberg).

NYSDFS investigators conducted a statistical analysis of nearly 400,000 New York applicants showing that the model and algorithm Goldman Sachs uses to filter applicants “did not take into account the forbidden nature of the applicant and would not have a disparate impact.” . Regulators have also stressed that the idea that spouses who share finances will receive the same terms of credit is a common misconception. General guidelines, such as your credit history or outstanding debt, determined whether your spouse received a higher limit.

For each cardholder who filed a complaint, NYSDFS was able to obtain specific justification from Goldman Sachs for each decision.

In each case, the bank was able to identify the factors that made the credit decision, such as credit score, debt, income, credit utilization, missed payments, and other credit history factors. These decisions appeared to be in line with the bank’s credit policy, and none of the factors identified were unlawful grounds for credit decisions.

Even without cases of sexual or marital discrimination, NYSDFS was critical of Goldman Sachs’ response to the clients involved. Technically, banks only need to disclose elements of their credit policy when they deny their credit line, but NYSDFS says Goldman Sachs could have come up with a plan to deal with customer confusion and make it easier to dispute credit. limit. In the initial rush to launch the Apple Card, the bank didn’t do both.

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