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).

apple card 1

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.

Top Rated Comments

lkrupp Avatar
11 months ago
I remember the a**hat that started this. He and his wife applied for their own Apple Cards and he got a bigger credit limit than she did. Ipso facto she was discriminated against, he claimed. In today’s culture there’s a discrimination, a racist, a xenophobe, a homophobe, a bigot, a misogynist, a Caucasian cisgender straight male hiding behind every rock ready to pounce on the oppressed.
Score: 41 Votes (Like | Disagree)
LeeW Avatar
11 months ago
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.

^^ Ok, the answer is no, you found nothing, stop there. No need to use it as a platform for broader discussion.
Score: 34 Votes (Like | Disagree)
centauratlas Avatar
11 months ago
Today what passes for discussion is deplorable. Instead of discussion, people attempt to shut up those who disagree with them by labelling them racist, sexist, homophobic etc. so that they don't have to debate on the merits. The attempts to divide people by immutable characteristics such as gender, skin color and the like are equally bad and are only useful to empower those who want more power over everyone else.

Instead of a colorblind meritocracy based on objective standards, the goal is a non-color blind society that discriminators against unfavored groups.
Score: 23 Votes (Like | Disagree)
aardwolf Avatar
11 months ago
So in other words, credit scores don't have a gender? Who could have known???
Score: 22 Votes (Like | Disagree)
brendu Avatar
11 months ago

So in other words, credit scores don't have a gender? Who could have known???
Big Brother has now flagged you as a racist bigot for saying something logical. Please enroll in a Woke re-programming session to prevent your social credit score from falling below our arbitrary standard, or you will no longer be able to apply for a credit card.... /s
Score: 22 Votes (Like | Disagree)
calzon65 Avatar
11 months ago
It's true that many decades ago there was a lot of gender and racial bias when it came to granting of credit, but in the past 75 years what about the progress that has been made to right most of these wrongs.

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
Score: 20 Votes (Like | Disagree)

Related Stories

apple card 1

New Apple Card Customers Can Get 6% Daily Cash on Apple Purchases in March

Tuesday March 2, 2021 6:48 am PST by
Apple is offering new Apple Card customers 6% Daily Cash Back for purchases made from Apple for the month of March. The new promotion is somewhat limited in scope, as it's only valid for Apple Card users who open an account during March. Typically, customers receive 3% Daily Cash Back for purchases made from Apple. The promotion does not apply to purchases made through the Apple Card...
coinbase apple pay

Coinbase Card Now Supports Apple Pay for Easy Spending of Cryptocurrency

Tuesday June 1, 2021 7:30 am PDT by
Popular cryptocurrency exchange platform Coinbase today announced that the Coinbase Card now supports Apple Pay and Google Pay. Select customers will be invited from the Coinbase Card waitlist starting this week. Coinbase Card is a debit card, so signing up will not impact your credit score, and there are no application fees. Once you are approved for the card, you can immediately begin...
f1618938184

Apple Announces Apple Card Family for Sharing Apple Card With Spouses and More

Tuesday April 20, 2021 10:15 am PDT by
During its "Spring Loaded" event today, Apple announced that it would be expanding Apple Card to allow spouses to share accounts and enable families with members over thirteen years old to share a single Apple Card. Available in the US starting in May, Apple says Apple Card Family will enable families and spouses to co-own an Apple Card, and share and manage their credit lines independently, ...
visa apple pay japan

Visa Launches Apple Pay Support in Japan

Tuesday May 11, 2021 4:55 am PDT by
Visa has announced that starting today, customers in Japan will be able to use their Visa debit or credit card with Apple Pay. Customers with Visa cards issued by Aplus, SMBC Finance Service, NTT DoCoMo, Credit Saison, JACCS, Mitsui Sumitomo Bank Card, and Rakuten cards will be able to add their card to their Wallet on iPhone and Apple Watch. Japan has set an ambitious goal of...
apple card family

PSA: Apple Card Owners Won’t Be Able to Combine Existing Accounts Until July

Monday May 24, 2021 10:51 am PDT by
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...
14

Apple Seeds Second iOS and iPadOS 14.6 Release Candidate to Developers

Friday May 21, 2021 10:24 am PDT by
Apple today seeded second release candidate versions of iOS and iPadOS 14.6 to developers for testing purposes, with the new software coming five days after Apple seeded the first release candidates. iOS and iPadOS 14.6 can be downloaded through the Apple Developer Center or over the air after the proper profile has been installed on an iPhone or iPad. iOS and iPadOS 14.6 add support for A...
apple card feature2

Apple Card Now Appearing on Experian Credit Reports

Sunday July 19, 2020 10:15 pm PDT by
Apple Card users are reporting the credit card is now showing up on Experian credit file reports. Reporting of Apple Card information was previously limited to credit bureau TransUnion (via Reddit). Though not officially confirmed by Apple or Goldman Sachs, several Reddit users have noticed the creditor addition to their Experian credit reports. Some users, however, have not seen any credit...
apple card feature2

iOS 14.5 to Add Support for Joint Apple Card Accounts

Monday February 1, 2021 11:23 am PST by
Code discovered in iOS 14.5 by MacRumors contributor Steve Moser suggests that Apple is planning to introduce a new feature that will allow for multiple people to use the same Apple Card account. Right now, Apple Card usage is tied to an individual and there is no option to share an account with another person, which is an oversight as some people prefer to share credit cards with spouses...

Popular Stories

airpodsinear 1

AirPods Save Woman's Life With Feature Everyone Should Know

Friday January 21, 2022 2:13 am PST by
Apple's AirPods have been credited with saving a woman's life after a potentially fatal fall, People reports. When a 60-year-old florist in New Jersey tripped and hit her head in her studio, she lost consciousness and awoke heavily bleeding. With nobody around to call for help, she realized she had her AirPods in, and used a "Hey Siri" command to call 911. An operator was able to stay on the ...
Upcoming Products 2022 Feature

Gurman: Apple Preparing 'Widest Array of New Hardware Products in Its History' for Fall

Sunday January 23, 2022 10:32 am PST by
Apple is working on a number of new products that are set to launch this fall, and Bloomberg's Mark Gurman says that it will be "the widest array" of new devices that Apple has introduced in its history. In his latest "Power On" newsletter, Gurman explains that Apple is working on four new flagship iPhones (iPhone 14, iPhone 14 Max, iPhone 14 Pro, and iPhone 14 Pro Max), an updated low-end Ma...
Questionable Design Decisions

Apple's Most Questionable Design Decisions in Recent Memory

Sunday January 23, 2022 2:59 am PST by
Apple has always emphasized the depth of thought that goes into the design of its products. In the foreword to Designed by Apple in California, a photo book released by the company in 2016, Jony Ive explains how Apple strives "to define objects that appear effortless" and "so simple, coherent and inevitable that there could be no rational alternative." But every once in a while even Apple...
top stories 2022jan22

Top Stories: Spring Apple Event Rumors, Apple Opposes Sideloading, and More

Saturday January 22, 2022 6:00 am PST by
As we roll into the latter half of January, we're starting to hear more about a potential spring Apple event, which is likely to take place in March or April. There are a number of potential announcements on deck, so an event would be a good opportunity for Apple to get them all out there. We've also been going back and forth on some iPhone 14 rumors, and we've taken a look at a number of...
att gigabit internet

AT&T Bringing $180/Month 5-Gigabit Internet to 70 Cities

Monday January 24, 2022 9:20 am PST by
AT&T today announced the launch of upgraded AT&T Fiber plans, which support speeds of up to 5 Gigabits for some customers. There are two separate plans, one "2 GIG" plan and one "5 GIG" plan, available to new and existing AT&T Fiber subscribers. According to AT&T, the new plans are available to nearly 5.2 million customers across 70 metro areas including Los Angeles, Atlanta, Chicago, San...
macbook pro 14 16 2021

Three Months After Launch, Apple Still Struggling to Meet Demand for Redesigned 14-Inch and 16-Inch MacBook Pro

Monday January 24, 2022 7:12 am PST by
Three months after their launch, the 14-inch and 16-inch MacBook Pros continue to experience high demand and seemingly short supply, with shipping dates for both models stretching into multiple weeks in several of Apple's key markets. In the United States, the baseline 14-inch MacBook Pro with the M1 Pro chip is estimated to ship in three to four weeks, promising an arrival by at least...
peloton tv workout cardio

Apple Floated as Potential Buyer of Peloton

Friday January 21, 2022 6:11 am PST by
Following months of bleak news about Peloton's "precarious state," including the revelation that it has halted production of its bikes and treadmills, Apple is being floated as a potential buyer of Peloton's troubled fitness business. Yesterday, CNBC reported that Peloton will temporarily stop production of its connected fitness products due to a "significant reduction" in consumer demand, a ...
Spring 2022 Apple Products Feature

New iPad Air, Macs, and iPhone SE With 5G Likely to Be Announced at Apple Event This Spring

Thursday January 20, 2022 8:32 am PST by
Earlier this week, Bloomberg's Mark Gurman tweeted that Apple "will be holding a spring event" to announce a new iPhone SE and other hardware. In a recent edition of his newsletter, Gurman said the event is likely to occur in March or April. Gurman did not elaborate on what "other hardware" will be announced at Apple's purported spring event, but rumors suggest at least four products are...