The president plans to nominate Bimal Patel as the next Treasury assistant secretary for financial institutions. Patel is currently Treasury’s deputy assistant secretary for the Financial Stability Oversight Council, according to the White House.
Treasury’s Office of Financial Institutions helps formulate policy on financial institutions and government-sponsored enterprises, critical infrastructure protection and compliance policy, and financial education. Housed within the the Office of Domestic Finance, the financial institutions office also oversees the Terrorism Risk Insurance Program and the Community Development Financial Institutions (CDFI) Fund.
The White House, in last week’s announcement, said that before joining Treasury, Patel was a partner and head of the financial advisory and regulation practice in the Washington, D.C., office of O’Melveny & Myers LLP. He previously served as senior advisor to former Federal Deposit Insurance Corp. (FDIC) Board member Jeremiah O. Norton, it said. Additionally, Patel has served as an adjunct associate professor at Stanford University, teaching an undergraduate course on banking regulation. He earned his B.A. from Stanford University, M.P.P. from the Kennedy School of Government at Harvard University, and J.D. from the Georgetown University Law Center.