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O’Melveny’s Patel Testifies Before Congress on Lender’s Online Platform Noted in M ReportJuly 12, 2016
The July 12, 2016, M Report article, “Fintechs Present Both Opportunities and Challenges,” features O’Melveny partner Bimal Patel’s testimony before a House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing on companies increasing use of technology to make financial services easier. “Marketplace lending business models vary considerably, focusing on different customer segments with different operational and underwriting models. One key point of distinction within marketplace lending models centers on whether a particular marketplace lender partners with a bank in its origination process,” he said in his testimony.
Patel is an O’Melveny partner and Head of the Financial Advisory and Regulation Practice at O’Melveny. Patel served from 2012-2015 as Senior Advisor to Jeremiah O. Norton, then a member of the Board of Directors of the Federal Deposit Insurance Corporation.