A New York regulator is investigating Goldman Sachs for possible sex discrimination in the way it sets credit limits. The bank denies wrongdoing.by entrepreneur and web developer David Heinemeier Hansson about algorithms used for the Apple Card, which Goldman Sachs manages in partnership with Apple.
Hansson said the card offered him a credit limit 20 times greater than it gave to his wife, even though she has a higher credit score. He called the algorithm a sexist program. A spokeswoman for the New York Department of Financial Services confirmed Saturday that the agency will investigate.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. She said the department “will be conducting an investigation to determine whether New York law was violated and ensure all consumers are treated equally regardless of sex.
“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,” said Goldman Sachs spokesman Andrew Williams. He added that the bank could not comment on decisions about individual customers.
“Simplicity, transparency and privacy are at the core of our consumer product development philosophy,” said Goldman Sachs Chairman and Chief Executive David M. Solomon.
When is the L.A. Times, going to be investigated for Bias?
Seriously?
lol ok
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