Welcome!

News Feed Item

Consumer Financial Protection Bureau Enforcement Attorney Appointed Affirm Chief Compliance Officer

Khosla and Lightspeed Investment Partners Join Board of Directors

SAN FRANCISCO, CA -- (Marketwired) -- 07/24/14 -- Affirm today announced it has hired Consumer Financial Protection Bureau (CFPB) Enforcement Attorney Manuel (Manny) Alvarez as its first chief compliance officer and general counsel.

The appointment coincides with Affirm naming investment partners Keith Rabois, from Khosla Ventures, and Jeremy Liew, from Lightspeed Ventures, to the new financial services technology company's board of directors.

Affirm was started in 2012 by Max Levchin, co-founder of the digital payments giant PayPal; Jeff Kaditz, formerly chief data officer of gaming company, ngmoco; and Nathan Gettings, co-founder of Palantir, the go-to company for mining massive data sets. They started Affirm on the belief that the current FICO-based credit rating system is not working for many consumers.

The announcements today come just weeks after Affirm launched its new Split Pay service that lets online merchants offer consumers simple installment payment alternatives at checkout. With Split Pay, online shoppers can spread a purchase across multiple months. Split Pay interest rates start as low as 6 percent, depending on a shopper's payment history, the dollar amount being financed, and the number of installments.

"Consumers often don't understand the fees or interest they pay on a revolving account. That has to change," said Alvarez. "Affirm's commitment to delivering honest and transparent financial products totally aligns with my long-standing commitment to consumer protection."

In his new role at Affirm, Alvarez will oversee and manage the company's regulatory compliance program and related actives to prevent illegal, unfair or deceptive conduct. He will also take charge of liaising with regulators and Affirm's service providers.

Alvarez was one of the earliest enforcement attorneys at the CFPB where he investigated and civilly prosecuted violations of federal consumer financial laws. He served as lead attorney in CFPB v. Castle & Cooke Mortgage LLC, et al., the first-ever enforcement action of the Mortgage Loan Originator Compensation Rule under Regulation Z. He also liaised with other federal and state regulators, trained housing advocates on the new mortgage servicing standards, and supported several bank examinations.

Before joining the CFPB Alvarez served as a Deputy Attorney General in the Consumer Law Section of the California Attorney General's Office.

"Banks today are stuck in the 1950s in so many ways," said Levchin. "Manny's history of consumer advocacy and regulatory knowledge will be essential as Affirm reimagines financial services from credit cards to deposit banking."

New Board Members
A partner at Lightspeed Venture Partners since 2006, Liew's current investments include Snapchat, Whisper, LivingSocial, Bonobos, Kixeye, PetFlow, Slice, The Honest Company and Zest Finance. He was also responsible for several successful Lightspeed investments including Playdom (acquired by Disney), Flixster (acquired by Warner Brothers), Kongregate (acquired by GameStop) and Serious Business (acquired by Zynga).

Rabois began his career in the technology industry as a senior executive at PayPal (acquired by eBay) and subsequently served in influential roles at LinkedIn and as chief operating officer of Square. As a board member, Rabois guided Yelp and Xoom from inception to successful initial public offerings. Simultaneously, he also invested in other like-minded entrepreneurs with early stakes in YouTube (acquired by Google), Yammer (acquired by Microsoft), Palantir, Lyft, AirBnB, Eventbrite and Quora.

"The industry knowledge, insights and business building knowhow that Keith and Jeremy bring to Affirm are truly priceless," said Levchin. "Having them on our board only makes our vision for financial utilities loved by consumers all the more attainable."

About Affirm
Affirm is reimagining financial services -- from credit cards to deposit banking. Starting with an amazingly simple, new way to get affordable financing at the online point of sale, Affirm lets shoppers pay for purchases across multiple months with transparent, fairly-priced fees built into every payment, and boosts conversion and basket size for eTailers at less than the cost of credit cards. Created in 2012 by PayPal Co-founder Max Levchin, Palantir Co-founder Nathan Gettings, and former Chief Data Officer of ngmoco, Jeff Kaditz, Affirm is based in San Francisco. To start working with Affirm go to affirm.com.

Media contact:
Lisa Tarter
Email Contact
(415) 203-2462

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...