Elizabeth Warren slams 'discriminatory' Apple Card algorithm

Ruben Fields
November 16, 2019

The hits just keep on coming for Goldman Sachs as Democratic senator and U.S. Presidential candidate Elizabeth Warren on Wednesday said that the Apple Card "sexist" algorithm should be withdrawn if the claimed credit limit bias can not be explained.

Answering to those accusations, Goldman said customers should request a second look at their credit limits.

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. "Sorry guys, that's not how it works". "If they are, I expect Apple and Goldman Sachs to do everything in their power to put an end to discrimination", Wyden tweeted on Wednesday.

"We have started to know better that calculations are just as good as the information that gets packaged to them", Warren added. In April, he and Senator Corey Booker introduced the Algorithmic Accountability Act, which would obligate companies to assess their decision-making systems and training data "for impacts on accuracy, fairness, bias, discrimination, privacy and security". "And if a lot of discriminatory data gets packed in, in other words, if that's how the world works, and the algorithm is doing nothing but sucking out information about how the world works, then the discrimination is perpetuated".

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Earlier Wednesday, Ron Wyden, a Democrat from OR and ranking member of the Senate Finance Committee, said he's looking into the validity of claims of bias against women in applications for the Apple Card.

"Goldman Sachs has not and will never make decisions based on factors such as gender, race, age, sexual orientation or any other legally prohibited factors when determining credit worthiness", the bank told Reuters.

And, if they can't explain it, they "need to pull it down".

Bankrate senior economic analyst Mark Hamrick discusses Apple card gender discrimination claims and the growing problem of underwater auto loans. The spokesman didn't comment because Goldman follows the policy of not discussing matters involving individual customers publicly. The Apple Card is Goldman Sachs's first credit card and it was launched in August this year.

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