Goldman Sachs responds to Apple Card sexism: Credit algorithms are gender-neutral

U.S. regulators have launched an investigation into Goldman’s credit card business after the New York Times reported that there was a gender discrimination issue in the joint apple card issue between Goldman Sachs and Apple. Goldman Sachs responded today when Linda Lacewell, new York’s director of financial services, announced the latest investigation.

Goldman Sachs responds to Apple Card sexism: Credit line algorithms are gender-neutral

David Heinemeier Hansson, founder of Ruby on Rails, said on Twitter last week that Apple Card gave him a credit 20 times higher than his wife’s. The tweets were immediately retweeted in large numbers, even prompting comments from Apple co-founder Steve Wozniak, who said he had a similar experience.

“The algorithm is clearly flawed,” Mr Wozniak said in an interview. A lot of people will say, ‘We love our technology, but we can no longer control it’. I think that’s the case. “

He added: “I am deeply disturbed by this unfair ness, which is contrary to the principle of truth.” We don’t have transparency about how these companies set up these things and operate them. Our government is not tough enough on regulation. Consumers can only be represented by the government, because big companies represent only themselves. “

New York State Department of Financial Services Director Linda Lacewell today announced the latest investigation

I’m sharing an update on behalf of the New York State Department of Financial Services (DFS) after an investigation into whether the Apple Card credit line algorithm violated state laws prohibiting gender discrimination. Many people commented on David’s tweets, including Apple co-founder Steve Wozniak (10 times his wife’s), and others who reported a similar situation: Men get more credit than women. Confusingly, consumers know nothing about the algorithms for these quotas.

New York state law prohibits discrimination on the basis of an individual’s sex. This means that, like any other way to determine credibility, credit card credit credit algorithms cannot be based on age, creed, race, color, gender, sexual orientation, national origin, or other protected characteristics.

In response to the controversy, Goldman Sachs responded that “gender factors” had never been introduced into the Apple Card credit algorithm and explained why family members were given very different credits.

Apple Card is a user’s own. Your credit limit is your own and you can establish your own direct credit history. Customers do not share credit scredits under family members or other accounts by obtaining a supplement card.

Like other personal credit cards, Apple Card’s application is independently evaluated. We look at his/her income, reputational factors such as personal credit scores, and debt and how to manage it. Based on these factors, two family members may be subject to significantly different credit limits.

We promise that under no circumstances will we affect the credit line based on the applicant’s gender.

Goldman Sachs also said it was “hopeful” that users would be able to share Apple Card with other members of the family, although it did not specify when it would happen.

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