The department tells Bloomberg that the investigation will look at all legal violations as well as a guarantee that every client is treated equally. Any algorithmic bias (including unintentional bias) "violates New York law," says department head Linda Layswell.
Goldman states in a statement that credit decisions are based solely on "creditworthiness" and not on qualities such as gender or ethnicity, though I do not explain why a woman with a better credit score gets a much lower limit.
It is uncertain how long the investigation will take and there is no guarantee that Goldman will be asked to make corrections. The incident, however, underscores concerns that the biases in the algorithms create serious disadvantages for some groups, such as refusal of adequate medical coverage. It also blurs an otherwise strong debut for the Apple Card ̵
@AppleCard is such a fucking sexist program. My wife and I filed joint tax returns, we live in a community and property and have been married for a long time. But Apple's black box algorithm estimates that I deserve the 20 times the credit limit it has. They do not appeal.
– DHH (@dhh) November 7, 2019