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Michael Nonaka
Michael Nonaka
Partner
Washington +1 202 662 5727 mnonaka@cov.com Download V-card

Michael Nonaka advises banks, financial services providers, and non-bank companies on a broad range of compliance, enforcement, transactional, and legislative matters. He has worked extensively with federal and state banking agencies and with other federal agencies authorized to regulate financial services. Mr. Nonaka also is co-chair of the firm’s Fintech Initiative and works with a number of banks, lending companies, money transmitters, payments firms, technology companies, and service providers on innovative technologies such as big data, blockchain and related technologies, bitcoin and other virtual currencies, same day payments, and online lending.

Mr. Nonaka has significant experience advising clients on issues arising under financial services legislation such as the Dodd-Frank Wall Street Reform and Consumer Protection Act. He has advised clients on, among other areas in Dodd-Frank, regulation as a systemically important financial institution, resolution planning, the Federal Deposit Insurance Corporation’s orderly liquidation authority under Title II, and the scope of the Consumer Financial Protection Bureau’s authority.

Mr. Nonaka also has advised a number of clients on compliance with TILA, ECOA, TISA, HMDA, FCRA, EFTA, GLBA, FDCPA, CRA, BSA, USA PATRIOT Act, FTC Act, Reg. K, Reg. O, Reg. W, Reg. Y, state money transmitter laws, state licensed lender laws, state unclaimed property laws, state prepaid access laws, and other federal and state laws and regulations.

  • Representation of General Electric and Synchrony Financial in connection with exchange offer to complete the separation of Synchrony from GE and in connection with Federal Reserve Board application process and approval required for the separation of Synchrony from GE.
  • Representation of several Fortune 500 companies on big data, blockchain, and other fintech solutions. 
  • Representation of Synchrony Financial (GE Capital’s North American retail finance business) in connection with its approximately $2.95 billion initial public offering and related $3.6 billion debt offering.
  • Representation of WSFS Financial Corporation in acquisitions of First Wyoming Financial Corporation, Alliance Bancorp, Inc. of Pennsylvania, and Penn Liberty Financial Corp. 
  • Representation of Cole Taylor Bank in investigation and consent cease & desist/civil money penalty order with the Federal Reserve Board and the Illinois state banking authority to resolve claims alleging unfair and deceptive practices related to a student deposit product offered in connection with a former counterparty deemed to be an “institution-affiliated party.”
  • Representation of Wells Fargo in connection with a Federal Reserve Board investigation and consent order with respect to alleged falsification of customer income and customer steering by Wells Fargo Financial sales personnel in the origination of consumer mortgage loans.
  • Representation of General Motors in congressional hearings and requests for government funding.
  • Representation of Freddie Mac in connection with establishment of Federal government conservatorship. 
  • Representation of Citigroup, Inc. and Citibank, NA, in connection with negotiation and implementation of OCC and Federal Reserve Board consent orders relating to consumer mortgage servicing and foreclosure activities.
  • Representation of banks and non-banks on anti-money laundering compliance matters.
  • Representation of Arlon Capital Partners LP in connection with investments in Grandpoint Capital, Inc. and Carlile Bancshares, Inc.   
  • Representation of national banks, savings associations, and other depository institutions in de novo and merger applications before the Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, and Federal Reserve.

Pro Bono

  • Represent City First Enterprises and City First Bank of D.C., N.A. on bank regulation and corporate governance matters.
  • Represented indigent Florida inmate in post-conviction proceedings in state and federal courts.
  • Assisted the Washington Lawyers Committee in drafting and introducing legislation in the District of Columbia to reform certain aspects of the District’s parole and sentencing laws.

Memberships and Affiliations

  • American Bar Association, Banking Law Committee
  • Legal 500 US, Finance - Financial Services Regulation (2017) and Technology:  Data Protection and Privacy (2016)