Parag Patel advises financial services companies, financial institutions, and fintechs on transactional and regulatory matters, with a particular focus on emerging payments, innovative technology, consumer and small-business lending, and banking.
Mr. Patel guides banks, non-bank lenders, payments and technology companies, and their vendors on regulatory compliance, supervision, money transmission, lending, anti-fraud and anti-money laundering, and transactional matters.
He leverages deep knowledge to help major financial institutions and fintech startups navigate global payment and financial services regulations. Mr. Patel has broad experience with all major federal and state laws that regulate payments and consumer and small-business lending in the US, including:
- Bank Secrecy Act
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- Equal Credit Opportunity Act
- Electronic Fund Transfer Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
- Gramm-Leach-Bliley Act
- Truth in Lending Act
- State money transmission, broker, and lending laws, as well as federal pre-emption of state financial laws
- Payment network rules, such as NACHA, Visa, and Mastercard rules
Mr. Patel strategizes innovative and practical solutions to clients’ complex regulatory and transactional issues that arise when revolutionary technologies integrate with heavily regulated financial activities. He regularly advises clients on blockchain and other distributed ledger technologies, smart contracts, using “big data” in decisioning systems, artificial intelligence and machine learning, and integrating mobile and wearable devices into financial services.
He has an extensive background in the regulation of money transmitters and other types of money service businesses (MSBs) and has helped dozens of fintech startups navigate these rules at various stages of their business evolution.