The New York Department of Financial Services is looking into allegations of gender discrimination against users of the Apple Card, which is administered by Goldman Sachs.
Goldman Sachs has lent out about $10 billion in credit to Apple customers so far, according to its recent regulatory filing.
Lawmakers including Sen. Elizabeth Warren (D-MA) have demanded that Goldman Sachs reveal how its new Apple Card credit algorithm works following allegations of gender discrimination against women.
Senator Elizabeth Warren unloaded on Goldman Sachs and the bank's handling of claims that its Apple Card exhibits bias against women.
Following accusations that married couples are seeing different credit ratings in their Apple Card applications, bank Goldman Sachs has issued a statement saying all scores are individually calculated.
Goldman Sachs Investigated Over 'Fu**ing Sexist' Apple Card
Towards the end of last week, Apple was put on blast when several Apple Card users shared that their spouses received a significantly lower credit limit. The issue soon ballooned as more early adopters shared they went through a similar experience and now Goldman Sachs, which is the issuing bank for Apple Card came out with a response claiming they will begin re-evaluating user credit lines.
David Heinemeier Hansson recently brought attention to a potential issue with Apple Card applications, where his wife received a much lower credit limit than his own. Steve Wozniak also shared a similar story. The ‘algorithm’ was claimed by Hannson to be sexist and discriminatory. In a tweet, Apple card issuing bank Goldman Sachs has now released a statement in denial of these allegations.
According to regulatory filings made public this week, Apple Card financial partner Goldman Sachs said it doled out about $10 billion in credit lines for the Apple branded credit card in a little over one month.
During Apple's earnings call for the fourth fiscal quarter of 2019 this week, Apple CEO Tim Cook said he believed that the Apple Card had the "most successful launch of a credit card in the United states ever," and that Apple was "thrilled" with its reception.
Allegations of Apple Card gender bias have rankled one of Goldman Sachs' biggest critics: Elizabeth Warren.
Goldman Sachs denied allegations of gender bias and said it will reevaluate credit limits for Apple Card users on a case-by-case basis for customers who claim to be affected.