Overview

Moorari Shah, a financial services partner based in the Orange County and San Francisco offices, specializes in fintech representations and is Leader of the firm’s Consumer Finance Team and a member of the Chambers-ranked Blockchain and Fintech Team. 

"Moorari Shah is a clear industry expert and leader in his field."
- Legal 500 US (2023)

Areas of Practice

Moorari is a highly respected and trusted adviser known for his strategic thinking. He combines deep in-house and law firm experience to deliver practical, business-minded legal advice. He represents banks, fintechs, mortgage companies, payment processors, auto lenders, and other nonbank institutions in transactional, licensing, regulatory compliance, and government enforcement matters covering mergers and acquisitions, consumer and commercial lending, equipment finance and leasing, and supervisory examinations, investigations, and enforcement actions involving state and federal agencies.

Moorari has an active regulatory practice, representing nonbanks and financial institutions in matters before governmental agencies, including the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and state attorneys general as well as other state regulators such as the New York Department of Financial Services (NYDFS), the California Department of Financial Protection and Innovation (DFPI), and state banking departments.

He frequently handles matters involving:

  • Compliance with federal and state consumer protection laws, including the Equal Credit Opportunity Act (ECOA), the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), the Fair Credit Reporting Act (FCRA), Electronic Funds Transfer Act (EFTA), Electronic Signatures in Global and National Commerce Act (E-SIGN), Telephone Consumer Protection Act (TCPA), Military Lending Act (MLA), and the Fair Debt Collection Practices Act (FDCPA)
  • Allegations of unfair, deceptive, or abusive acts in violation of the Federal Trade Commission Act (UDAP), the Consumer Financial Protection Act (UDAAP), and similar state laws
  • Application of federal rules governing electronic payments, state and federal money transmitter laws, compliance with Bank Secrecy Act/anti-money laundering (BSA/AML) laws and regulations, and the structuring and negotiation of critical third-party relationships.

Clients rely on Moorari’s prudent and pragmatic approach to compliance with state and federal consumer protection laws and regulations. His expansive knowledge of state licensing requirements and product structuring options aids companies in carefully crafting compliant solutions, taking into account reputational, operational, and enforcement risks. He is a Certified Information Privacy Professional (CIPP/US), and his advisory work for clients includes implementation of programs, policies, and procedures for purposes of complying with state and federal laws such as the Gramm-Leach-Bliley Act (GLBA), the California Consumer Privacy Act (CCPA), and the New York Cybersecurity Regulations.

Moorari is also nationally recognized by Legal 500 for his M&A/Corporate and Commercial expertise and has significant experience negotiating asset- and stock purchases, bank partnership arrangements for fintech platforms, start-up company financings through IPO, payment processing and acquiring transactions, loan purchase and servicing agreements, and complex on-shore and off-shore information technology and business process outsourcing transactions. He also has experience in real estate, asset-based, and unsecured financings, as well as enforcing rights and remedies against corporate debtors in non-bankruptcy workout negotiations. His comprehensive approach emphasizes navigation of contractual, operational, and regulatory hurdles to achieve real-world business outcomes.

Moorari regularly counsels companies on California-specific financing topics, including new legislation impacting consumer and commercial lenders and lessors. He is the Chair of the Legislative and Regulatory Subcommittee of the Equipment Leasing and Finance Association (ELFA), whose membership includes more than 500 manufacturers, banks, and captive and independent leasing and finance companies. 

Moorari started his career as a prosecutor in the Manhattan District Attorney's Office, spent several years in private practice and then worked in-house at Toyota Motor Credit Corporation for nine years, handling a range of commercial transactional and regulatory matters, before rejoining private practice in 2013. He is an active member of the South Asian Bar and National Asian Pacific American Bar Associations and a certified Six Sigma Black Belt.

Experience

Experience

Representative matters include assisting:

  • Financial institutions develop new products and services, including consumer and small business financing products, banking services, point-of-sale financing options, and home acquisition and investment alternatives
  • Payments companies, e-commerce platforms, digital asset and cryptocurrency firms, and retailers in addressing electronic payment regulations, money transmitter licensing, and FinCEN compliance, including obtaining required approvals nationwide
  • Private equity companies in acquisitions and regulatory due diligence of mortgage, commercial equipment, automobile, and specialty finance company targets
  • Banks and nonbanks in Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and state regulatory examinations and investigations involving bank vendor activities
  • Purchasers and sellers of consumer and commercial loan receivables, including in connection with securitizations of the same
  • Equipment finance, merchant cash advance, and factoring companies in connection with state licensing and disclosure laws and federal data collection and reporting regulations under the Equal Credit Opportunity Act
  • “Challenger banks” and other fintech platforms in bank partnership agreements
  • Equipment lessors in financing transactions and state regulatory and licensing matters
  • Mortgage companies in warehouse financings, affiliated business arrangement joint ventures, and loan purchase and sale agreements
  • Fintech companies preparing for funding rounds and initial public offerings
  • Financial institutions in acquiring core provider, information technology, and business process outsourcing services from domestic and foreign-based service providers
  • Fintechs and fintech-focused venture capital and private equity funds in connection with evaluating permissible investments and activities of bank investors from a regulatory perspective

  • Captive and independent consumer auto and commercial vehicle finance companies in developing retail finance and white label programs, inclusive of negotiating dealer program agreements to originate and purchase leases and loans through both indirect and direct finance models

  • Online lending platforms in development of auto refinance and retail installment products offered through a bank partner, including development of compliance protocols for advertising, user interfaces, privacy and data protection, underwriting, financing of ancillary products (e.g., GAP), and down-stream processes for title, taxes and loan servicing

Honors

Honors

Notable Practitioner, Chambers Fintech Legal, 2024

Recognized Lawyer - Media, Technology and Telecoms/Cyber Law (including Data Privacy and Data Protection), Legal 500 US, 2024

Edward A. Groobert Award for Legal Excellence, Equipment Leasing and Finance Association, 2023

Top Author, JD Supra Readers' Choice Awards, 2022-2024

David H. Fenig Distinguished Service in Advocacy Award, Equipment Leasing and Finance Association, 2019

  • JD Supra Readers' Choice 2022
  • JD Supra Top Author 2023
  • JD Supra Top Author 2024
  • Legal 500 Recommended Lawyer 2024

Insights

Articles

Consumer Finance and Fintech Blog Posts

Esports and Games: Game Counsel

Finance and Bankruptcy Law Blog Posts

Eye On Privacy Blog Posts

Retail Law: Retail Trend Spotter

Speaking Engagements

  • Panelist, "Navigating RESPA and the CFPB: Insights, Updates and Future Outlook,” LendingTree Summit, November 14, 2023
  • Presenter, “Legal News CEOs Can Use,” Equipment Leasing and Finance Association Annual Convention, October 23, 2023
  • Presenter, "Operational Preparedness: Are You Ready for the New CA and NY Disclosure Requirements?" Equipment Leasing Finance Association, July 28, 2022
  • Panelist, "Counseling  Disruption - Proactively lawyering the future of FinTech, Digital Assets, and the new age of Financial Services," SABA Conference 2022, July 15, 2022 
  • Speaker, “State Advocacy New Year’s Resolutions: Prepare for Commercial Financing Disclosure Laws in New York and California,” Equipment Leasing Finance Association, December 15, 2021
  • Panelist, "Legal & Regulatory Issues – Next Wave of Regulatory Policy," Opal Group's Marketplace Lending & Alternative Financing Summit 2021, December 9, 2021
  • Panelist, "Back to the Future: Hot Legal Topics for ELFA's 70th Anniversary," Equipment Leasing and Finance Association's Annual Convention, October 25, 2021
  • Speaker, “Engagement Session: The Latest on Regulatory Expectations for Vendor Management,” Mortgage Bankers Association Legal Issues & Regulatory Compliance Conference, May 26, 2021

Memberships

Memberships

Mentorship Chair, South Asian Bar Association of Southern California, 2017-2019

Digital Media

Education

J.D., Boston University, 1996, cum laude

B.A., Duke University, 1993

Admissions

  • California
  • New York
  • U.S. Court of Appeals for the Ninth Circuit
  • U.S. District Court, Central District of California
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