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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Discover

Sponsor

Latest

Deepfake satellite imagery poses a not-so-distant threat, warn geographers

When thinking of deep fakes, we tend to imagine people generated by AI. This can be as playful as deepfake...

Microsoft PowerPoint can now help you practice presentations almost anywhere — no humans required

To help you practice your presentation, Microsoft's Presenter Coach has been available in the web version of PowerPoint for a while,...

OnePlus Nord N200 5G review: T-Mobile’s best phone under $250

The answer to whether or not you should buy the $239 OnePlus Nord N200 5G depends on who your wireless carrier...

11 things we know about the new smartwatch OS from Google and Samsung — and some we don’t

Yesterday, Google and Samsung delivered important news that they will integrate Wear OS and Tizen-based smartwatch platforms into a single operating...

Many companies see distributed clouds as a viable solution to a number of challenges.

According to analyst House IDC, use of the public cloud "surged" last year, generating $312 billion in revenue due to the Covid-19 pandemic.This...