His father was a peanut farmer in India before immigrating to the United States, where he ran small businesses and taught at Spelman College.

[4] Patel overcame significant health complications and challenges following a three-month premature birth, after which he contracted pneumonia at two weeks old.

[8] On September 13, 2018, President Donald J. Trump nominated Patel to be the Assistant Secretary of the Treasury for Financial Institutions.

[12][13] During his tenure, Patel worked with the Federal Reserve on its Treasury-financed programs and forwarded the Treasury's initiatives concerning the banking system.

[18][19] Patel had previously served as Senior Advisor to Jeremiah Norton, a staff position advising him as a member of the Board of Directors of the Federal Deposit Insurance Corporation.