Federal regulator opens up investigation into Apple Card over gender discrimination accusation

Viral Tweet About Apple Card Leads to Probe Into Goldman Sachs

Viral Tweet About Apple Card Leads to Probe Into Goldman Sachs

A NY financial regulator launched an investigation into Goldman Sachs' credit card practices after Twitter users, including Apple co-founder Steve Wozniak, complained that Apple Card gives much lower credit limits to women. The bank denies wrongdoing.

Goldman Sachs is the financial body behind Apple's credit card, and concerns have been voiced that the company is offering men higher credit limits than their wives - even the women in question have a higher credit rating.

"Apple has handed the customer experience and their reputation as an inclusive organisation over to a biased, sexist algorithm it does not understand, can not reason with, and is unable to control".

A federal investigation into Apple Card is being opened.

The agency is "troubled to learn of potential discriminatory treatment in regards to credit limit decisions reportedly made by an algorithm of Apple Card, issued by Goldman Sachs", said spokeswoman Sophia Kim.

New York state regulators will "be conducting an investigation to determine whether New York law was violated and ensure all consumers are treated equally regardless of sex", said a spokesman for Linda Lacewell, the superintendent of the New York Department of Financial Services.

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Goldman spokesman Andrew Williams said: "Our credit decisions are based on a customer's creditworthiness and not on factors like gender, race, age, sexual orientation or any other basis prohibited by law".

Apple did not immediately respond to a request for comment.

Hansson, who is the creator of web-application framework Ruby on Rails, didn't disclose any specific income-related information for himself or his wife but said they filed joint tax returns and that his wife had a better credit score, the report said.

He said that as soon as he raised the issue his wife's credit limit was increased.

Apple introduced the Apple Card earlier this year in a partnership with Goldman Sachs.

Later, Mr Wozniak, who founded Apple with Steve Jobs, tweeted that the same thing happened to him and his wife despite their having no separate bank accounts or separate assets. A press release announcing the card called Goldman Sachs "a newcomer to consumer financial services" that was "creating a different credit card experience".

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