- Oops!Something went wrong.Please try again later.
What Happened: The Apple Card, which is underpinned by Goldman Sachs Group Inc (NYSE: GS), didn't put women at a disadvantage, according to the New York State Department of Financial Services, reported Bloomberg.
“While we found no fair lending violations, our inquiry stands as a reminder of disparities in access to credit that continue nearly 50 years after the passage of the Equal Credit Opportunity Act,” said Superintendent of Financial Services Linda Lacewell, as per Bloomberg.
The department however reportedly found deficiencies in Goldman’s customer service and faulted it for undermining consumer trust due to perceived opacity.
“The problems might have been prevented by better management of the product’s roll-out,” said the New York regulator in its report.
A Goldman spokesperson said the bank remained “committed to providing fair and equal access to credit,” Bloomberg reported.
See also: How To Buy Apple Stock
Why It Matters: The inquiry dates back to Nov. 2019 after a viral tweet from a tech entrepreneur alleged gender discrimination, noted Bloomberg.
The tweet garnered a response from Apple co-founder Steve Wozniak, who said he had observed a similar disparity between assigned credit limits.
On Tuesday it was reported that Apple was sued for its “Butterfly” keyboards, which contain a mechanism that allegedly fails due to exposure to minute amounts of dust or debris.
Price Action: Apple shares closed nearly 0.7% lower at $122.54.
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.