- Law firms
- Dalal to lobby for Plaid on privacy and banking regulations
- Plaid also hired Sheila Jambekar as its very first privacy officer
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(Reuters) – In its first federal lobbying registration, Plaid Inc brought in a consulting firm co-founded by Milan Dalal, a former lawyer at Brownstein Hyatt Farber Schreck and former congressman.
Dalal, who was legal counsel at Brownstein Hyatt until 2019, will lobby for the San Francisco-based financial technology company over banking and privacy regulations relating to the Dodd-Frank Act, according to a federal disclosure form filed this week. .
Plaid is the second fintech lobbying client this month to turn to Tiger Hill Partners, a consulting firm that Dalal started in 2019 with his partner James Maloney, who previously ran his own public affairs firm and was an executive at Edelman.
Dalal is also pushing for the cryptocurrency exchange Coinbase on policy issues related to digital assets and financial technology, as well as the law on investment and employment in infrastructure, according to a September 10 disclosure. .
Prior to joining Brownstein Hyatt in 2017, Dalal was in the United States Senate, where he served as Executive Director of the Indian Senate Caucus and Chief of Staff of the Senate Banking Subcommittee on National Security, International Trade and Finance. He also previously worked for Representative Gregory Meeks of New York, chairman of the House Foreign Affairs Committee, as legislative director.
Other fintech clients represented by Tiger Hill include Chime, XTX Markets, BlueVine and the Financial Technology Association trade group. According to disclosure data compiled by Open Secrets, Tiger Hill Partners has lobbied for 13 clients so far in 2021 for a total amount of $ 760,000, mostly in the financial or fintech sectors, nearly double its revenue. compared to last year.
Plaid, which connects customers’ bank accounts to financial apps like Venmo and Robinhood, last month agreed to pay $ 58 million to resolve consumer claims that the company obtained and used bank account credentials and financial information without consent. Plaid was last valued at $ 13.4 billion in April, far more than the $ 5.3 billion Visa offered to pay for the company in a failed acquisition announced in early 2020.
Plaid also announced Thursday that it has hired Sheila Jambekar, who was most recently the deputy general counsel for Twilio Inc., as the chief privacy officer. Jambekar reports to Plaid’s general counsel, Meredith Fuchs, a former senior lawyer with the Consumer Financial Protection Bureau and chief counsel for Capital One Financial Corp., whom the company hired last year.
Jambekar, who began his legal career as a partner at Morgan, Lewis & Bockius, also held internal positions at Franklin Templeton Investments and Zynga Inc, according to his LinkedIn page.
Plaid raises $ 425 million in one round, valuing it at $ 13.4 billion
FinTech Plaid Agrees $ 58 Million Deal to End Privacy Deal