Parag Patel advises financial services companies, financial institutions, and fintechs on transactional and regulatory matters.
Parag guides banks, non-bank lenders, and payments and technology companies, from startups to global market leaders, as well as their vendors on:
Regulatory compliance
Money transmission
Consumer and small-business lending
Anti-fraud and anti-money laundering compliance
Complex arrangements and partnerships between fintechs and banks for payments and banking services
Banking
Parag strategizes innovative and practical solutions to clients' complex regulatory and transactional issues that arise when revolutionary technologies integrate with heavily regulated financial activities. He leverages deep knowledge of the relevant regulatory regimes impacting payments, banking and consumer and small-business lending in the US, including the:
Bank Secrecy Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
Electronic Fund Transfer Act
Equal Credit Opportunity Act
Fair Debt Collection Practices Act
Banking laws, such as Federal Deposit Insurance Act and Bank Holding Company Act
Truth in Lending Act
Banking privacy laws, such as Fair Credit Reporting Act and Gramm-Leach-Bliley Act
Payment network rules, such as NACHA, Visa, and Mastercard rules
State money transmission, broker, and lending laws, as well as federal pre-emption of state financial laws
Parag also helps clients navigate regulatory issues including acquiring transmission and lending licenses and addressing enforcement or litigation issues. He regularly advises clients on blockchain and other distributed ledger technologies, smart contracts, using " big data " in decisioning systems, as well as artificial intelligence and machine learning.
Parag leverages his multifaceted experience — first within a fintech startup, and then at a leading bank — to bridge the understanding of Wall Street and innovators and connect leaders from finance and technology.
Experience
Parag’s representative matters include advising:
GTCR on its acquisition of a majority stake in Worldpay from FIS that valued Worldpay at US$18.5 billion, the largest US leveraged buyout of 2023
A payments infrastructure provider on obtaining money transmission licenses across the US and in foreign jurisdictions
A global crypto-currency trading platform on establishing compliance and an anti-money-laundering program
Madison Dearborn Partners in its US$1.8 billion acquisition of MoneyGram
Multiple banks and financial technology companies; negotiated bank partnerships agreements and established more than four dozen bank partnerships for debit, credit card and deposit account programs
Multiple banks, ranging from community to publicly traded banks, to establish deposit sweeps programs
Leonard Green & Partners in a major investment in IRIS Software Group, valuing the business at an enterprise value of approximately £3.15 billion
Santandar on financial regulatory compliance issues and payments matters
A half dozen Latin America-focused payments companies on compliance obligations and licensing strategy.
Coinbase on its :
acquisition of One River Digital, a digital asset manager
regulatory compliance with payments, AML, and financial services laws
A major global technology company in a successful resolution of enforcement matters before state money transmitter regulators
A big box retailer on establishing a co-branded credit card
Binance.US, a cryptocurrency infrastructure service provider, in its acquisition of Voyager Assets
Everest Consolidator Acquisition Corporation in its business combination with Unifund, a consumer debt service company focused on data science and analytics
Robinhood on its acquisition of Bitstam
JPMorgan in connection with an offering of convertible notes of Bread Financial Holdings
YouLend on establishing a lending and merchant cash advance program and financing facility to enable YouLend with the potential to extend over US$1 billion in revenue-based financings to small and medium-sized businesses (SMBs)
WestView Capital Partners in its acquisition of a minority stake in CardFlight, a SaaS payment technology company
Fold Inc., a bitcoin financial services company, in a US$365 million transaction to become a publicly traded company
Barclays Capital as underwriters in a public offering by Nayax Ltd., a global commerce enablement, payments, and loyalty platform designed to help merchants scale their business
Helios Digital Ventures' minority investment into Conduit Technology, a fintech company
Qualifications
Bar Qualification
District of Columbia
Illinois
New York
Education
BA, University of Georgia magna cum laude
JD, University of California, Berkeley, School of Law
Firm honored by Law360 for advising startups, financial institutions, VCs, digital asset and Web3 participants, and corporations on their most innovative and complex transactions, investigations, litigation, and regulatory matters.
The NYAG’s action highlights various pitfalls in the MCA space, underscoring the importance of proper structuring and marketing of merchant cash advances.
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