Goldman’s Apple Card Probed

The video discusses a controversy involving the Apple Card, where users reported gender-based credit limit disparities. The issue gained attention after David Hanson highlighted that his wife received a significantly lower credit limit despite having a better credit score. This led to public outcry and a regulatory investigation into Goldman Sachs' algorithms. The situation has sparked a broader debate on the fairness of lending algorithms and their potential to unintentionally discriminate against certain groups, such as women and minorities. Lawmakers are increasingly focusing on this issue as technology becomes more integrated into financial services.

What was the main issue David Hanson raised about the Apple Card?

• His wife received a higher credit limit than him.

• His wife received a significantly lower credit limit despite a better credit score.

• He was denied an Apple Card.

• He was charged higher interest rates.

Who else, besides David Hanson, reported similar issues with the Apple Card?

• Tim Cook

• Steve Wozniak

• Elon Musk

• Jeff Bezos

What action did regulators take in response to the Apple Card controversy?

• They increased credit limits for all users.

• They banned the Apple Card.

• They opened a probe into Goldman Sachs.

• They fined Apple.

What is the broader debate that the Apple Card issue has highlighted?

• The use of algorithms in lending and potential discrimination.

• The role of technology in financial services.

• The popularity of Apple products.

• The effectiveness of credit cards in general.

What legislative action was taken in response to the growing concerns about algorithmic lending?

• A new task force was set up in the House Financial Services Committee.

• A ban on all algorithmic lending practices.

• A requirement for all lenders to use the same algorithm.

• An increase in credit limits for all borrowers.