Goldman faces probe after entrepreneur slams Apple Card algorithm

Viral Tweet About Apple Card Leads to Probe Into Goldman Sachs

Viral Tweet About Apple Card Leads to Probe Into Goldman Sachs

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.

Drake launches More Life cannabis company in Toronto
Zacks Investment Research lowered Canopy Growth from a "buy" rating to a "hold" rating in a research note on Wednesday, June 26th. The fund owned 327,921 shares of the marijuana producer's stock after purchasing an additional 10,094 shares during the quarter.

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".

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.