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Bimal V. Patel
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ProfilePerson

Bimal V. Patel

Official · Treasury

PPP
Type
Person
Role
Official · Treasury
Programs
PPP
Updated
  • Pandemic-program role: Treasury's Assistant Secretary for Financial Institutions during PPP's first round; his May 20, 2020 Exchequer Club remarks on PPP and CARES Act small-business relief are the first-party record we have of his office's pandemic role (Treasury release SM1018).
  • Institution · office: Treasury · Office of Financial Institutions (Domestic Finance) · Type: political (PAS, Senate-confirmed)
  • Tenure (relief-relevant): Confirmed June 2019 (congress.gov PN53) – departed in mid-2020 (NCUA Chairman Hood's statement on his departure, June 30, 2020); covers PPP's launch in April 2020 through its first round

The job (role mechanics)

  • Level / appointment: Presidential appointment with Senate confirmation (PAS); Assistant Secretary = Executive Schedule Level IV (EX-IV).
  • Reports to: The Under Secretary for Domestic Finance, and above that Deputy Secretary Justin Muzinich and Secretary Steven Mnuchin.
  • Core responsibility: Lead Treasury's Office of Financial Institutions, the policy office for banks, credit unions and related financial-institution matters .
  • Pay: EX-IV; the OPM 2021-EX table lists Level IV at $172,500 (5 U.S.C. 5315). No individual figure is documented.
  • Expectations / mandate: Develop and coordinate Treasury policy toward the banking and financial-institutions sector; act as Treasury's senior point of contact with bank/credit-union regulators and the lending industry.
  • Tenure norm: Serves at the pleasure of the President; PAS appointees typically turn over with the administration.

Who they are

Bimal V. Patel is an American banking and financial-regulation lawyer (ProPublica Trump Town record, October 2019; the Treasury biography is cited but its archived capture is a Wayback wall). In his May 20, 2020 remarks he described his father's small businesses in Georgia and the local lenders that financed them (SM1018).

Education

  • B.A., Stanford University; J.D., Georgetown University Law Center; M.P.P., Harvard Kennedy School (Treasury biography, its archived capture is a Wayback wall).

Career before

  • U.S. FDIC, Senior Advisor to Board member Jeremiah Norton (Treasury biography).
  • O'Melveny & Myers LLP, partner (ProPublica Trump Town record); the practice-head and Stanford adjunct details are from the Treasury biography .
  • U.S. Treasury (2017): Deputy Assistant Secretary for the Financial Stability Oversight Council (ProPublica Trump Town record).

Role in the pandemic relief programs

  • Nominated in the 115th Congress (PN2524, lapsed) and renominated in the 116th (PN53); confirmed by voice vote on June 20, 2019 (congress.gov nomination records).
  • SBA ran PPP loan operations; Treasury's part is described in Patel's May 20, 2020 remarks at the Exchequer Club of Washington, which speak of "the historic Paycheck Protection Program's effort to disburse over $600 billion in loans" and the role of local lenders (SM1018).

Documents written or signed

  • Remarks by Assistant Secretary Patel at the Exchequer Club (May 20, 2020), Treasury press release SM1018; addresses PPP and CARES Act small-business relief. (Speech, attributed to him by name.)
  • No PPP rule or FAQ is individually signed by Patel; the PPP interim final rules were issued under SBA's name.

Career after / where they are now

  • Departed Treasury in mid-2020 (NCUA statement, June 30, 2020).
  • Joined PayPal Holdings, Inc., where he became General Counsel (Reuters, Nov. 16, 2021).

Sources held in this archive

Original source documents and archived captures

Sources (first-party)

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