Investigation Clears Goldman Sachs of Apple Card Gender Bias

[MacRumors]

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).

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.

Article Link: Investigation Clears Goldman Sachs of Apple Card Gender Bias

 

[LeeW]

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.

 

[TheYayAreaLiving 🎗️]

Sounds like they didn’t find anything throughout the investigation or is this a cover up?

 

[alexandr]

gender bias? em, hello — MARISA ROBERTSON?? c'mon...

 

[lkrupp]

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.

 

[VolceOntra]

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.

Why not? It's unlikely that everyone is issuing credit equally - what's wrong with having a discussion? This is like saying oh well Company A didn't have any discrimination in their hiring process, so that means we shouldn't be cognizant of it happening elsewhere?

 

[aardwolf]

So in other words, credit scores don't have a gender? Who could have known???

 

[brendu]

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

 

[calzon65]

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

 

[centauratlas]

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.

 

[DelayedGratificationGene]

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.

We’re there any lawyers involved? If there are then it’s going to cost that happily married couple...lawyers do not just go away without getting something and guess who is on the hook? Mr and Mrs Lawsuit

 

[Rojaaemon]

When they ask for your gender, just click ’other’ you’ll get the best deal.

 

[Juicy Box]

When they ask for your gender, just click ’other’ you’ll get the best deal.

I am not saying it doesn't exist, but I don't ever remember any credit application with any demographic questions.

Have you seen this?

 

[icanhazmac]

Ok, the answer is no, you found nothing, stop there. No need to use it as a platform for broader discussion.

Can't waste a perfectly good soapbox from which to virtue signal! /s

 

[jimbobb24]

Actual intentional documented discrimination should be fought against.

Disparate impact is one of the dumbest legal ideas ever invented by a judge and has been screwing every small and large business since. It’s why we are transitioning from a merit based society to a credential based society. An idea with no logical basis in reality and total denial of reality. Amazing but some judge thought it up and so it’s the “law”.

 

[Smith288]

My wife got a way lower limit than myself... we were astonished!

Also of note, my 800+ score and long history of good credit compared her low score due to never having a substantial income as a stay at home mom might also have been a factor. Not her genitalia.

 

[Smith288]

When they ask for your gender, just click ’other’ you’ll get the best deal.

No you wont. Credit companies dont care one iota what's between your legs. They care what's in the billfold and th potential risk of you not paying them and their interest.

 

[BreakingKayfabe]

When they ask for your gender, just click ’other’ you’ll get the best deal.

Or specify "Undecided" and your credit limit will go through the roof.

 

[Jimmy Bubbles]

Phew! Barely dodged the Woke Police.

 

[bousozoku]

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.

You make it sound as if those people aren't out there doing bad things.

 

[neuropsychguy]

My wife got a way lower limit than myself... we were astonished!

Also of note, my 800+ score and long history of good credit compared her low score due to never having a substantial income as a stay at home mom might also have been a factor. Not her genitalia.

My spouse gets higher limits than I do and is a stay at home mom. This is because her credit scores are slightly higher than mine even though we have a similar credit history (same length of credit, shared credit cards, both names on auto loans, mortgage, etc.).

 

[Smith288]

My spouse gets higher limits than I do and is a stay at home mom. This is because her credit scores are slightly higher than mine even though we have a similar credit history (same length of credit, shared credit cards, both names on auto loans, mortgage, etc.).

As it should be. Higher credit score gets higher limits. Hers was bad due to debt she accumulated as a single gal. :\.

I married into debt. haha

 

[bklement]

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.

I guess the man applied first, then they were surprised that the household was rated worse the second time?

 

[Rojaaemon]

I am not saying it doesn't exist, but I don't ever remember any credit application with any demographic questions.

Have you seen this?

No, I’ve never applied for credit in this century. I assume best business would be to extent credit based on the applicant’s ability to pay it back.

 

[name99]

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

People are living in the distant past.
Everyone wants to be a martyr, they just change the martyrdom cause they care about.
People raised in some countries (I don't know if the US does this) will recall a childhood spent obsessing over how many Christian martyrs were killed by the Romans (never any follow up of how many MORE Christians were killed by fellow Christians of a different theological bent once the Empire went Christian...)
Likewise Anglos will be aware of Fox' Book of Martyrs and the importance it played in England for maybe 200 years.

Nowadays of course, the fashionable thing to do is to mock people complaining about The War on Christmas while simultaneously cheering people complaining about The War on Women...
You pick your idiotic cause and there you are. Or hell, be in the vanguard and choose a new idiotic cause before the rush! I suggest
"The War on Electric Cars" (why isn't there free charging *everywhere* I want to park?) or
"The War on Nonbreeders" (why do I have to pay taxes to support someone else's kid's school, college, medical, ...?)