Goldman Sachs to be under NY City Dept investigation
The New York City Department of Financial Services is planning to investigate Goldman Sachs following accusations fr om Apple Card users concerned about their biased and inadequate credit limits. There were complaints from customers on Twitter that their wives received a lower lim it despite higher credit score, reports Bloomberg.
In particular, Ruby on Rails developer David Hansson accused Apple Card program of sexism. He claims that his spouse was denied a raise in her credit card limit, although she has a better credit rating than him.
Steve Wozniak said his wife’s credit limit on Apple Card is 10 times less.
Linda Lacewell, a NYDFS representative promised that the agency will launch an investigation. Lacewell noted that any methods that deliberately or not discriminate against women or other groups violate the New York law.
Goldman Sachs claimed that Apple Card is set up only for individual accounts and each of family members may receive various offers on his or her limit. The bank did not intend on making solutions derived from biased points such as gender, a company representative said.
Since the situation caused an outrage in the media, Goldman Sachs raised the credit limit for Hansson’s wife, David told Bloomberg.
Apple released Apple Card in March 2019. The partners of the program are Goldman Sachs and Mastercard.