NYS financial regulators to probe Apple Card over gender discrimination claims

https://www.mobilepaymentstoday.com/news/nys-financial-regulators-to-probe-apple-card-over-gender-discrimination-claims/
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NYS financial regulators to probe Apple Card over gender discrimination claims

New York State financial regulators are investigating whether Apple Card discriminates against women in regards to the credit limits that are offered to applicants. 

The probe follows a Twitter thread by tech entrepreneur David Heinemeier Hannson who said Apple Card granted him a credit limit that was 20 times higher than his wife, despite the fact that his wife has a higher credit score.

Linda Lacewell, superintendent of the New York State Department of Financial Services, responded by announcing that her agency would review whether the algorithm used to make credit decisions violated state laws that prohibit gender discrimination. 

Lacewell noted in a Medium post yesterday that numerous other responses were posted, including one from Apple co-founder Steve Wozniak, who said his credit line was 10 times greater than the limit for his wife.

Lacewell said the agency wants to work with the tech community to make sure the algorithms used don’t discriminate. Apple launched the card with Goldman Sachs on the new card, which offers rewards and financial wellness education to consumers. 

Apple and New York State officials were not immediately available for comment. 

Cover image: Apple.
 


Topics: Card Brands, Mobile Apps, Mobile Banking, Mobile/Digital Wallet, Regulatory Issues

Companies: Goldman Sachs, Apple


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https://www.mobilepaymentstoday.com/news/nys-financial-regulators-to-probe-apple-card-over-gender-discrimination-claims/