Investigation Clears Goldman Sachs of Apple Card Gender Bias
Goldman Sachs has been cleared of gender bias and discriminatory lending decisions related to Apple Card, according to the findings of New York's financial regulator (via Bloomberg).

Goldman Sachs did not use discriminatory practices when deciding whether to extend credit to prospective Apple Card customers, the New York State Department of Financial Services has said. It also found no evidence that the lender's credit decisions had a disproportionate impact on certain groups of people.
Apple Card came under fire for alleged gender discrimination in the months after its launch, with some customers complaining on Twitter that women were granted lower credit limits than men.
This triggered an investigation into Apple Card's algorithms for determining credit limits in November 2019. The investigation, which included an analysis of the underwriting data for almost 400,000 New York applicants for Apple Card, found no violations of fair lending laws. In a statement, Superintendent of Financial Services Linda A. Lacewell said:
While we found no fair lending violations, our inquiry stands as a reminder of disparities in access to credit that continue nearly 50 years after the passage of the Equal Credit Opportunity Act. This is one part of a broader discussion we must have about equal credit access.
Nevertheless, Goldman Sachs was criticized for shortcomings in customer service and a perceived lack of transparency that undermined consumer trust, with the report saying that these problems "might have been prevented by better management" of Apple Card's rollout.
Note: Due to the political or social nature of the discussion regarding this topic, the discussion thread is located in our Political News forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.
Related Stories
Apple has acquired Credit Kudos, a UK open banking startup that seeks to help lenders make better decisions (via The Block).
Credit Kudos offers insights and scores based on loan applications drawn from transaction and loan outcome banking data, sourced by the UK's open banking framework. The company's API offers lenders a way to get faster, automated decision-making about loans with reduced ...
Monday December 27, 2021 8:53 am PST by
Sami FathiThis week through January 31, new Apple Card customers can receive 5% Daily Cash back for purchases made through Apple compared to the 3% reward typically offered to customers.
New Apple Card customers who create an account between December 26 and January 31 will be eligible for the 2% higher cash back on iPhone, Apple Watch, Mac, iPad, and other purchases when paid in full. Customers will...
Apple today sent out an email to Apple Card owners, encouraging them to sign up a family member using the Apple Card Family feature.
New users who join an Apple Card holder's account by November 30, 2021 can receive $10 in Daily Cash after making their first purchase with Apple Card within 30 days of signing up.
Introduced earlier this year, Apple Card Family is designed to allow up to...
Mastercard last week announced that its cards will no longer be issued with the magnetic stripe by 2029, which will presumably include Apple Card.
The magnetic stripe was an early 1960s technology that allowed card information to be encoded onto magnetic tape that is laminated to the back of a card, paving the way for electronic payment terminals and chip cards. Now, Mastercard is set to be...
Following its announcement last month, Apple today officially flipped the switch to allow parents to share their Apple Card with their teenagers or friends and the ability for spouses to co-own a single Apple Card account. However, one notable feature that didn't get released today is the ability for two separate Apple Card accounts to be merged into one.
Apple announced the feature last...
Apple today released iOS 14.6, with it bringing support for Apple Podcasts subscriptions and new support for Apple Card Family. Announced last month, Apple Card Family allows families to share a single Apple Card with users above 13 years old with the ability to set a spending limit.
Following its release, Apple has shared two how-to videos on how exactly to share an Apple Card with your...
Apple today highlighted that the Apple Card and Goldman Sachs has been ranked top for customer satisfaction in the midsized issuer credit card segment, according to J.D. Power.
The J.D. Power 2021 U.S. Credit Card Satisfaction Study showed that the Apple Card ranked highest with a score of 864.1, across all of the surveyed categories including interaction, credit card terms, communication,...
Thursday October 21, 2021 9:08 am PDT by
Sami FathiApple is seemingly offering Apple Card customers 6% cashback for purchases made from Apple instead of the regular 3% cashback usually offered to Apple Card customers.
Apple has yet to announce the promotion, but Apple is giving customers 6% cashback for purchases made from the Apple Store instead of 3%, according to several posts across social media and the MacRumors Forum. Apple ran a...
Popular Stories
Apple is aiming to hold its first fall event on Wednesday, September 7, reports Bloomberg's Mark Gurman. The event will focus on the iPhone 14 models and the Apple Watch Series 8.
The standard iPhone 14 models are expected to get few changes, but the iPhone 14 Pro models will include updated camera technology, the removal of the notch in favor of a pill-shaped and hole-punch cutout, an A16...
Apple today released iOS and iPadOS 15.6.1, minor updates to the iOS and iPadOS 15 operating systems initially released in September 2021. iOS 15.6.1 and iPadOS 15.6.1 come a month after Apple released iOS 15.6 and iPadOS 15.6 with new Live Sports features and bug fixes.
The iOS 15.6.1 and iPadOS 15.6.1 updates can be downloaded for free and the software is available on all eligible devices...
Apple's rumored 10th-generation iPad is currently in production and will feature "major" design changes, according to a report from Taiwanese website DigiTimes.
A mockup of the potential 10th-generation iPad design by Renders By Shailesh The report did not provide any specific details about the 10th-generation iPad's new design, but rumors suggest the device will feature a larger 10.5-inch...
Apple's second-generation AirPods Pro are finally nearing launch, with a release expected later this year. If you are considering upgrading to the new AirPods Pro once they are released, keep reading for a list of five new features to expect.
In addition to all-new features, the second-generation AirPods Pro will likely adopt some features added to the standard AirPods last year.
H2 Chip
...
It's crazy to think about, but next month will mark five years since Apple announced the Apple Watch Series 3. Despite being a severely antiquated smartwatch, the Series 3 has remained at the bottom of Apple's lineup for $199.
Suppose you're still holding on to your Apple Watch Series 3. In that case, this article will list all the major new features and changes you'll get if you decide to...
Apple today seeded the sixth betas of upcoming iOS 16 and iPadOS 16 updates to developers for testing purposes, with the updates coming a week after Apple released the fifth developer betas.
Registered developers can download the iOS and iPadOS 16 profiles from the Apple Developer Center, and once installed, the betas will be available over the air.
iOS 16 introduces a revamped Lock...
Top Rated Comments
^^ Ok, the answer is no, you found nothing, stop there. No need to use it as a platform for broader discussion.
Instead of a colorblind meritocracy based on objective standards, the goal is a non-color blind society that discriminators against unfavored groups.
The level of vitriol is out-of-control, it's as if people think we are living in the distant past. It seems like the new norm is to level scathing accusations of bias against your enemy or whatever it takes to smear the "other side".
Accusations of gender bias, racial bias, religious bias, sexual bias, etc., are becoming pathetic ... I'm sure the dislikes will flood in on this post so bring it you SJWs