Regulator probing Goldman over Apple Card: Gender bias must be rooted out of process


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Lacewell noted."It
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SOURCE: https://www.cnbc.com/2019/11/11/regulator-probing-goldmans-apple-card-no-room-for-bias-in-algorithms.html
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Keep Me Logged InCompanies that deploy biased algorithms — even unknowingly — are still responsible for potential discriminatory outcomes, the Wall Street regulator who is probing Goldman Sachs' Apple Card told CNBC on Monday."Algorithms don't get immunity from discrimination," said Linda Lacewell, superintendent of New York's Department of Financial Services, which is investigating claims that Goldman Sachs' Apple Card discriminated against women when determining credit limits."Whether the intent is there or not, disparate impact is illegal," Lacewell added on "Squawk Alley."The inquiry follows viral allegations from tech entrepreneur David Heinemeier Hansson, who said Thursday on Twitter that Apple Card gave him a credit limit 20 times higher than the one it gave his longtime wife, even though she has a higher credit score than he does and the couple jointly files tax returns.Hansson called Apple Card, which Goldman built in partnership with the iPhone maker, a "f------ sexist program."Apple co-founder Steve Wozniak later said that Apple Card gave him 10 times the credit limit that his wife received.In a statement released Sunday, Goldman said it does not consider gender in credit decisions and evaluates all applications independently.

As said here by Kevin Stankiewicz