Parag Patel

Senior Associate

Washington, D.C.

Parag Patel’s practice focuses on financial services, with particular experience in emerging payments, financial technology and banking issues.

Parag advises banks, non-bank lenders, payments and technology companies and their vendors with regulatory, compliance, supervision, enforcement, anti-fraud and anti-money laundering and transactional matters. He has significant experience guiding clients through issues arising under banking and financial services regulations and payment rules, that include, but are not limited to:

  • Bank Secrecy Act (BSA)
  • Dodd-Frank Wall Street Reform and Consumer Protection Act
  • Equal Credit Opportunity Act (ECOA)
  • Electronic Fund Transfer Act (EFTA)
  • Fair Credit Reporting Act (FCRA)
  • Fair Debt Collection Practices Act (FDCPA)
  • Gramm-Leach-Bliley Act (GLBA)
  • Truth in Lending Act (TILA)
  • State money transmission, broker and lending laws
  • NACHA and Visa/Mastercard rules

Parag counsels clients on complex regulatory and transactional issues related to emerging payments systems; bank partnerships; credit, debit and prepaid programs; and financial technology. He is known for providing strategic, innovative and practical solutions and guidance to clients. He also has experience advising corporate and private equity clients in M&A contexts and other investments in fintech.

Prior to joining Orrick, Parag was senior counsel at Capital One, where he served as the company-wide legal subject matter lead for payments. He also was associate counsel at Funding Circle, where he focused on legal issues related to peer-to-peer lending and financial technology.

  • Parag advises clients on diverse issues within the payments, bank regulatory and consumer lending sectors. Specifically, his work has included:

    Payments

    • Providing guidance on payments regulations and rules, including the Durbin Amendment; Regulations CC, E and J; UCC Articles 3, 4 and 4A; National Automated Clearing House Association (NACHA), Visa and Mastercard rules.
    • Advising on state money transmitter rules and regulations.

    Bank Regulatory

    • Advising on bank regulatory matters, including advice on strategic and innovative banking and financial services products.
    • Counseling on the Dodd-Frank Act and various Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC) and Federal Reserve banking regulations.
    • Assisting national banks in preparing for audits of payments systems and reviews of permissible commodities and derivative activities.
    • Helping bank trade associations draft comment letters for proposed regulations, including the CFPB’s small-dollar lending rule, the Federal Reserve’s amendments to Regulation CC, the Consumer Financial Protection Bureau's (CFPB) amendments to Regulation E, and interagency amendments to the Volcker Rule.

    Consumer Lending

    • Helping clients navigate federal and state laws governing consumer credit, including TILA and Regulation Z, GLBA and Regulation P, FCRA, Electronic Signatures in Global and National Commerce Act (E-Sign), Fair Debt Collection Practices Act (FDCPA), Equal Credit Opportunity Act (ECOA) and Regulation B and other fair lending rules.
    • Advising regional and nationwide businesses on applicable state laws, including state lender licensing, usury and disclosure laws.