The Dhaka Times Desk A US financial regulator has launched an investigation into claims that Apple's credit cards offered different credit limits for men and women.
This follows allegations by Apple co-founder Steve Wozniak that the algorithms used to set the limits may be inherently biased against women. New York's Department of Financial Services (DFS) contacted Goldman Sachs, which operates the Apple Card. DFS says any discrimination, intentional or not, violates New York law. And based on all this information, appropriate action will be taken, according to a message from the New York Department of Financial Services (DFS).
Bloomberg news agency reported on Saturday that tech entrepreneur David Heinmeier Hanson complained that Apple Card gave him 20 times the credit limit than his wife. In a tweet, Mr Hanson said the disparity was despite his wife having a better credit score, which he found to be a case of extremes. Later, Mr. Wozniak, who co-founded Apple with Steve Jobs, tweeted that the same thing happened to him and his wife, despite not having separate bank accounts or separate assets. It is also known that banks and other lenders are increasingly using machine-learning technology to reduce costs and increase loan applications.
But Mr. Hanson, creator of the Rails on Rails programming tool, said the explanation highlights how algorithms, not just humans, can discriminate. A group at US healthcare giant UnitedHealth is under investigation for claims it favors white patients over black patients in an algorithm. Mr. Hanson said in a tweet: "That Apple Card has a sexist program that continues to discriminate in many ways." He said his wife's credit limit was raised after he raised the issue. DFS said in a statement that it will conduct an investigation to determine whether New York law was violated and to ensure that all customers, regardless of gender, are treated equally.
Any algorithm that intentionally or as a result discriminates against women or any other protected class violates New York law. Which is against the New York law has been expressed by learned people.
On Saturday, the investment bank told Bloomberg: "Our lending decisions are not based on customer creditworthiness based on gender, race, age, sex or any other basis prohibited by law." The Apple Card, launched in August, is Goldman's first credit card. The Wall Street investment bank has been offering customers more products, including personal loans and savings accounts, through its Marcus Online Bank. The iPhone maker markets the Apple Card as a website, a new type of credit card created by Apple, not a bank. Many people commented that its use is increasing at a target level, but there should not be any question about its value in that case.
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