Warren lashes out at Goldman over Apple Card bias claims
- by Pat Wise
- in Hi-Tech
- — Nov 16, 2019
Goldman, which oversees the banking decisions on the iPhone maker's credit card, responded to allegations of discrimination against women by the Apple Card by suggesting that customers who received lower-than-expected credit limits to request a second look at the decision.
"The provider has to come forward with all the info about the way that algorithm has been created along with the precise effect of this, the Democratic presidential candidate explained, adding that" when they cannot do it, they then will need to pull it down". That led to controversy following social media postings in the past week by Basecamp's David Heinemeier Hansson, and Apple Inc.co-founder Steve Wozniak, complaining about unequal treatment of their wives in getting approved for credit lines.
The 70-year-old senator from MA conceived of and helped establish the Consumer Financial Protection Bureau under President Barack Obama and has frequently spoken out on issues tied to access to credit for consumers.
Warren is just the latest official to voice concerns over the computer algorithms used by companies like Goldman Sachs, some of which might be producing biased results.
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"We are beginning to understand better that algorithms are only as good as the data that gets packed into them", Warren added. Warren said Goldman should share information on how its algorithm was designed, and how it affects applicants. "If they can't do it, then they need to pull it down", she said.
Democratic presidential candidate Elizabeth Warren has chimed in on the allegedly sexist Apple Card debacle.
"Our credit decisions are not based factors like sexual orientation, race, gender, age, or any other basis prohibited by law", Andrew Williams said. The spokesman didn't comment because Goldman follows the policy of not discussing matters involving individual customers publicly. Hansson, in a series of tweets, said that he got a credit limit 20 times higher than that of his wife.
On Wednesday, the firm said it will introduce the ability for members of the same household to share an Apple Credit line, Bloomberg reported, potentially quelling one of the main issues, which allowed family members to get significantly different credit lines.
