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Tuesday, April 13, 2021

apple: Apple card, underwriter Goldman Sachs committed no fair lending violations: Report – Latest News

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New York’s Department of Financial Services on Tuesday said it concluded its investigation of Apple’s credit card and its underwriter Goldman Sachs Group Inc and found no evidence of unlawful discrimination against applicants under the state’s fair lending law.

New York launched the investigation in late 2019 after a tech entrepreneur alleged on social media that the Apple card’s algorithms committed gender bias because he was given a credit limit that was 20 times what his wife received.

The investigation included a review of thousands of pages of records submitted by Goldman and Apple, interviews with Apple card applicants and data for roughly 400,0000 Apple card applicants from New York state.

The Apple Card, launched in 2019, was the first time Goldman Sachs offered a credit card.

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