Affirm CEO Max Levchin on Wednesday acknowledged oversight from the Consumer Financial Protection Bureau, asserting that supervision by the federal agency levels the playing field in the buy now, pay later industry.
“Being subject to supervision from the CFPB, from our point of view, is a formalization of the relationship between Affirm and the bureau,” Levchin said Wednesday during the company’s fiscal first-quarter earnings call with analysts.
The company’s quarterly filing for the period ending Sept. 30 notes the company is “subject to supervision by the CFPB, which enables it, among other things, to conduct comprehensive and rigorous examinations to assess our compliance with consumer financial protection laws.” That’s a change from the company’s prior quarterly filing, when Affirm said it expected to begin being supervised in the “immediate future.”
Source: Payments Dive
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