Credit Card Startup Petal Hires New Chief Compliance Officer

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The hiring of Ms. Corbett comes as the fintech company, which said it has raised more than $100 million in equity funding, looks for help navigating regulatory issues in Washington and expanding its product offerings, the company said.

The company issues credit cards by analyzing a person’s digital financial record and an alternative measure of creditworthiness based on income, savings and spending history, instead of a credit score, the company said.

Ms. Corbett replaced Parris Sanz, Petal’s first chief compliance officer who also served as general counsel. Mr. Sanz joined industrial bank WebBank earlier this year.

“[Ms. Corbett] brings an incredible diversity of expertise in law, policy and compliance,” Jason Gross, Petal’s chief executive and co-founder, said in a statement. “Her leadership will be critical as Petal is growing faster now than ever before.”

Elizabeth Corbett.

Photo: Petal Card

Ms. Corbett will be responsible for advising on legal and regulatory issues, Petal said, using her knowledge of the inner workings of consumer financial policy and changing rules to inform the company’s strategy. In February, Petal submitted a comment on a proposed CFPB rule related to consumer access to financial records, urging the agency to support consumers’ rights to access their own data.

Ms. Corbett started at the CFPB as an enforcement lawyer, according to her LinkedIn profile, rising to acting chief of staff for the agency. She also worked as a counsel for law firm Alston & Bird LLP and as an assistant U.S. attorney for the District of Columbia.

Write to Mengqi Sun at mengqi.sun@wsj.com

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Source : https://www.wsj.com/articles/credit-card-startup-petal-hires-new-chief-compliance-officer-11617835029

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