New York State Department of Financial Services Report on Apple Card Investigation

New York’s Department of Financial Services on Tuesday said it concluded its investigation of Apple’s AAPL.O credit card and its underwriter Goldman Sachs Group Inc and found no evidence of unlawful discrimination against applicants under the state’s fair lending law.

Goldman’s credit card, a venture with Apple Inc. unveiled with much fanfare in 2019, came under fire months after its launch, with customers complaining on Twitter that women were granted lower credit limits than men. Married couples also complained that husbands were granted far higher spending limits than their wives. The viral tweets prompted New York’s review of Goldman’s practices and launched a public discussion about the potentially quiet ways in which lenders may unintentionally discriminate against certain people through machine-driven credit decisions.

The investigation included a review of thousands of pages of records submitted by Goldman and Apple, interviews with Apple card applicants and data for roughly 400,0000 Apple card applicants from New York state.

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