New York’s Department of Financial Services has cleared Goldman Sachs, concluding it was not guilty of any violations in how it handled Apple Card applications.
Goldman Sachs is the company backing the Apple Card, the first time the financial institution has offered a credit card. The Apple Card has been a popular offering by the Cupertino company, giving customers significant discounts and benefits.
The investigation stemmed from accusations by a tech entrepreneur that Goldman Sachs’ algorithm discriminated based on gender. The entrepreneur had evidently received a credit limit 20 times larger than his wife. As a result, New York’s Department of Financial Services investigated to ensure Goldman Sachs was not in violation of anti-discrimination laws.
According to Reuters, that investigation is now complete, and Goldman Sachs has been cleared. The investigation included interviews, a review of records and data for some 400,000 New York applicants.