Goldman faces probe after entrepreneur slams Apple Card algorithm

Jennifer Bailey vice president of Apple Pay speaks about the Apple Card at the Steve Jobs Theater during an event to announce new products in Cupertino Calif

Jennifer Bailey vice president of Apple Pay speaks about the Apple Card at the Steve Jobs Theater during an event to announce new products in Cupertino Calif

American businessman David Heinemeier Hansson had tweeted on Thursday that the Apple Card is a "f***ing sexist program".

A NY financial regulator is investigating claims of gender discrimination by the new credit card from tech giant Apple and its issuer Goldman Sachs, after a cardholder's tweet about his wife's credit limit went viral.

The Department of Financial Services "will be conducting an investigation to determine whether NY law was violated and ensure all consumers are treated equally regardless of sex", a department spokeswoman told Reuters in a statement.

Rhodes explained that regulators drew attention to this issue due to a series of posts made over the past few days on social networks by entrepreneur David Heinmeier Hanson, who specialises in technology.

But interestingly Hansson's wife immediately had her credit limit adjusted after the tweets went viral, suggesting there is room for change given the right PR disaster.

In a tweet, Mr Hansson said the disparity was despite his wife having a better credit score.

Representatives of Goldman Sachs said that the bank gives loans only "based on the creditworthiness of customers" and does not take into account their gender, race, age, or other factors.

US concerned at Cambodia crackdown as neighbours' cooperation decried
Rainsy has vowed to get another flight and stick to his plan to make it to Cambodia by Saturday, the country's independence day. Sochua was previously detained in Thailand, before being deported to the USA where she is also a citizen.

Launched with Goldman Sachs and Mastercard in August, Apple Card is both a digital and physical credit card that requires no number, CVV security code, expiration date or signature on the card. It became available in the USA in August.

He adds: "Goldman and Apple are delegating credit assessment to a black box".

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".

The investigation will focus on whether or not Apple Card is discriminating on the basis of gender. The Wall Street investment bank has been offering more products to consumers, including personal loans and savings accounts through its Marcus online bank.

"Any algorithm that intentionally or not results in discriminatory treatment of women or any other protected class violates NY law".

The iPhone maker markets Apple Card on its website as a "new kind of credit card, created by Apple, not a bank".

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