Credit card startup Petal has named a seasoned financial regulator as its first-ever general counsel.

Shiri Wolf, most recently senior counsel for the Office of Regulations with the Consumer Financial Protection Bureau, will lead the legal function for the New York-based startup that launched in September of last year.

“Shiri is one of the brightest minds working at the intersection of regulation and financial technology,” Petal Card Inc.'s CEO, Jason Gross, said in a press release announcing the hire Jan. 10. “She has been a strong advocate for financial inclusion and the interests of underserved consumers. Her many years of experience in the public and private sectors will be valuable as Petal continues to innovate in a complex and highly-regulated industry.”

According to Petal's website, it is the “first card with high credit limits, great rates, no fees and no credit score required.”

The company also announced last week it raised $13 million in a Series A funding round led by Peter Thiel's Valar Ventures. 

In the announcement, Petal's Gross said, “Today's credit system unfairly labels young Americans and other new-to-credit borrowers as 'high-risk,' then punishes them with high interest rates and excessive fees. Petal breaks that cycle, using technology to give tens of millions of people the credit they deserve.”

That funding will help roll out the credit card to its thousands of customers who are currently on a waiting list, the announcement said.

Neither Wolf, nor the company, responded for additional comment.

Wolf had worked for the CFPB since July 2013, according to her LinkedIn profile. Prior to her role there, she worked as a special assistant with the New York State Department of Financial Services for nearly a year and as an associate with Morrison & Foerster for more than six years.

The CFPB has experienced a good deal of upheaval lately. The agency's former chief, Richard Cordray, departed in November 2017, and President Donald Trump opted to install White House budget director Mick Mulvaney as head of the agency, kicking off a legal battle.