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Jenny Konko’s practice focuses on advising clients at the intersection of financial services regulation and policy.
Ms. Konko advises banks, fintech companies, and other financial institutions on the full spectrum of regulatory, compliance, transactional, and enforcement matters. Leveraging her knowledge of federal and state banking, consumer protection, and money transmission laws, she helps clients find innovative solutions that enable them to provide products and services globally in a complex and evolving business and regulatory environment.
Ms. Konko also has extensive experience advising clients on strategic and results-driven legislative, regulatory relations, and public policy matters on a wide range of financial services issues. She frequently advises clients on new legislation, such as the Dodd-Frank Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act—both assisting clients in navigating the legislative and rulemaking process, and implementing the resulting laws and regulations.
Ms. Konko is a member of the Bar of New York. District of Columbia bar application pending; supervised by principals of the firm.
- Advised banks, financial institutions, and Fortune 500 companies on money laundering and other regulatory risks associated with the provision of direct and indirect financial and consulting services to cannabis-related businesses.
- Advised several financial institutions and large fintech companies on the permissibility of electronic banking activities under various state and federal charters and the regulatory implications of engaging in innovative payment and online lending activities, including virtual currency and blockchain technology.
- Represented trade association on Dodd-Frank implementation and other financial services regulatory matters including corporate governance, bank examination and supervision, capital and liquidity, and third-party risk management.
- Advised multiple U.S. and non-U.S. banks on the implementation of the Federal Reserve Board’s enhanced prudential standards, including the establishment of intermediate holding companies and corporate governance frameworks.
- Represented several fintech companies in connection with state money transmission and lender licenses and registrations, including applications and regulatory compliance.
- Represented U.S. and non-U.S. financial institutions in connection with regulatory investigations and enforcement actions by the Federal Reserve, New York Department of Financial Services, and other bank regulatory authorities regarding compliance with anti-money laundering and OFAC requirements.
- Assisted several U.S. and non-U.S. banks in the preparation of resolution and recovery plans.
Memberships and Affiliations
- American Bar Association, Banking Law Committee
- Women in Housing & Finance
Previous Experience
- Vice President and Assistant General Counsel, The Clearing House Association
July 25, 2019, Cov Financial Services
On July 22, 2019, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (collectively, the “federal banking agencies”), and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a joint ...
June 2019, The Banking Law Journal
May 22, 2019, Cov Financial Services
On May 9, 2019, the Financial Crimes Enforcement Network (“FinCEN”) published interpretive guidance to reiterate how FinCEN’s existing regulations relating to money services businesses (“MSBs”) apply to business models involving convertible virtual currencies (“CVCs”). The guidance is the most significant CVC-related guidance that FinCEN has released since its ...
May 16, 2019, Cov Financial Services
On May 9, 2019, the House Financial Services Committee (“HFSC”) unanimously approved an amendment in the nature of a substitute to H.R. 2514, the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act (the “COUNTER Act” or the “Act”). The COUNTER Act, introduced by Representative Emanuel Cleaver (D-MO) would be the first major ...
May 8, 2019, Covington Alert
May 3, 2019, Covington Alert
On April 29, 2019, the Office of the Comptroller of the Currency (OCC) issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on expansion of the term “fiduciary capacity” in part 9 and part 150 of the OCC’s regulations to include certain trust-related roles authorized under state law, potentially including roles that do not involve investment ...
May 2019, The Banking Law Journal
April 18, 2019, Covington Alert
On April 8, 2019, the Board of Governors of the Federal Reserve System (the “Board”) approved a notice of proposed rulemaking (the “Resolution Plan Proposal” or the “Proposal”), issued jointly with the Federal Deposit Insurance Corporation (the “FDIC,” and together with the Board, the “Agencies”), that would revise the Agencies’ jointly issued resolution ...
April 17, 2019, Covington Alert
On April 8, 2019, the Board of Governors of the Federal Reserve System (“Board”) released two proposals to tailor and modify the applicability of enhanced prudential standards for foreign banking organizations (“FBOs”) and their U.S. intermediate holding companies (“IHCs”).
April 2, 2019, Cov Financial Services
On March 28, 2019, the House Financial Services Committee (“HFSC”) voted 45-15 to advance to the full House of Representatives the bill H.R. 1595, the “Secure and Fair Enforcement Banking Act of 2019” (the “SAFE Banking Act” or the “Act”). The SAFE Banking Act would shield banks and credit unions from federal regulatory penalties for...… Continue Reading
March 13, 2019, Covington Alert
On March 6, 2019, the Financial Stability Oversight Council (“FSOC”) voted unanimously to issue proposed interpretive guidance (“Proposed Guidance”) that would significantly change its approach to designating nonbank financial companies that pose a risk to the financial stability of the United States (“nonbank SIFIs”) for supervision and prudential regulation by ...
January 31, 2019, Cov Financial Services
Innovation in financial services continues to move at a rapid pace. The significant increase in the number of fintech companies in recent years has highlighted a burgeoning market with significant economic potential, and a commercial need to create efficiencies and modernize the provision of financial products and services. Federal and state financial services ...
Covington Advises Argentinian Payments Company on Sale with Enterprise Value of $1.42B
January 22, 2019
NEW YORK—Covington advised Prisma Medios de Pago, Argentina’s leading payments company, in the sale of a controlling stake to Advent International. Prisma’s existing shareholders will retain a 49% stake in the company. The transaction values 100 percent of Prisma at $1.42 billion. Prisma is an Argentinian company established in 2014 through the merger of Visa ...
December 20, 2018, Covington Alert
On December 18, 2018, the Federal Deposit Insurance Corporation (FDIC) issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on the regulatory approach to brokered deposits and the interest rate caps applicable to banks that are less than well capitalized. The FDIC for some time has been exploring the extent to which the current regulatory ...
December 14, 2018, Cov Financial Services
On December 6, 2018, the Federal Deposit Insurance Corporation (“FDIC”) released a series of documents relating to the process for chartering a de novo FDIC-insured depository institution. A request for information (“RFI”) on all aspects of the FDIC’s deposit insurance application process. The RFI seeks comments on the transparency and efficiency of the ...
December 1, 2018, Practical Law
This chapter provides a comprehensive overview on fintech regulation in the United States as part of a global fintech guide published by Thomson Reuters. Reproduced from Practical Law with the permission of the publishers. For further information, visit www.practicallaw.com.
November 30, 2018, Cov Financial Services
On November 28, 2018, Federal Deposit Insurance Corporation (“FDIC”) Chairman Jelena McWilliams delivered keynote remarks regarding resolution planning requirements at the 2018 Annual Conference of The Clearing House and Bank Policy Institute. Chairman McWilliams repeatedly emphasized that the failure of a financial institution should be dealt with through ...
November 1, 2018, Cov Financial Services
On October 31, 2018, the Board of Governors of the Federal Reserve System (“Board”) released two draft notices of proposed rulemaking (“NPRs”) to tailor its enhanced prudential standards (“EPS”) in accordance with Section 401 of the Economic Growth, Regulatory Relief and Consumer Protection Act (“EGRRCPA”). One NPR, issued by only the Board, would tailor the...… ...
October 23, 2018, Cov Financial Services
On October 17, 2018, the Financial Stability Oversight Council (“FSOC”) announced that it voted unanimously to rescind its designation of Prudential Financial, Inc. as a so-called “systemically important financial institution” (“SIFI”). Section 113 of the Dodd-Frank Wall Street and Consumer Protection Act (“Dodd-Frank Act”) enables FSOC to identify a nonbank ...
October 19, 2018, Cov Financial Services
On October 17, 2018, Federal Reserve Board Governor Lael Brainard discussed the potential for financial innovation, and in particular, fintech products and services, to foster financial inclusion of underserved families and small businesses. She has frequently addressed the importance of fintech, including cryptocurrencies, digital currencies and distributed ...