Covington & Burling LLP | Michael Nonaka

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Michael Nonaka

Partner

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

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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 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 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 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 WSFS Financial Corporation in acquisition of First Wyoming Financial Corporation and The First National Bank of Wyoming.
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 financial services company in merger and acquisition transactions with respect to financial privacy and data security.
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.
Representation of financial institutions and their officers and directors in defending against civil money penalties, cease and desist orders, and formal agreements.
Representation of financial institutions with respect to proposed banking and financial services legislation.

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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.

American Bar Association, Banking Law Committee

U.S. Watchdog Seeks Revival Of Prepaid AML Rules

Michael Nonaka is quoted in a PaymentsCompliance article regarding FinCEN’s renewed efforts to reissue anti-laundering (AML) controls on prepaid cards after abandoning original proposals two years earlier. According to Nonaka, “There are all these controls and existing tracking mechanisms that apply to cross-border movements of cash, but these aren't in place ...

CFPB Outlines Proposals Under Consideration for Debt Collection Rule

Today, the Consumer Financial Protection Bureau (“CFPB”) issued its outline of proposals under consideration for a debt collection rulemaking that would govern third-party debt collection activities of debt collection agencies, debt buyers, collection law firms, and loan servicers. Release of this outline of proposals signals the start of the Small Business ...

The Federal Reserve Cracks Down on Form SLT Reporting by U.S. Foreign Bond Issuers

The Federal Reserve has recently sent non-compliance notices to U.S. issuers of foreign-currency denominated bonds that are sold abroad (“foreign bonds”), including Euro bonds, for failure to submit Treasury International Capital (TIC) Form SLT. Although the final instructions for Form SLT were promulgated in February 2011, this filing requirement has come as a ...

FinCEN Releases Final Rule on Beneficial Ownership and Risk-Based Customer Due Diligence

On May 5, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its long-awaited final rule on beneficial ownership with respect to customer due diligence requirements. The final rule requires covered financial institutions to adopt due diligence procedures to identify and verify a legal entity customer’s beneficial owner(s) at the time a new account ...

The Morning Risk Report: Panama Papers Drove Reform’s Packaging

Mr. Nonaka was quoted in the article that discussed the rollout of the Treasury Department’s customer due diligence rule and related anti-corruption plan.

International: PCI DSS 3.2 'indicative of data security priorities'

Michael Nonaka is quoted in this Data Guidance article regarding the Payment Card Industry Security Standards Council’s latest version of its data security standard. According to Nonaka, "PCI DSS version 3.2 does not reflect sweeping changes to the requirements in prior versions, but it is indicative of the data security priorities being expressed by card ...

Anti-Laundering: The ABCs of Federal GTOs

Michael Nonaka is quoted in this law.com article describing the federal government’s use of geographic targeting orders to combat money laundering and terrorist financing in the real estate sector. According to Nonaka, “real estate transactions have been a focus of FinCEN for a long time…We’re likely to see this continue for quite some time.”

Compliance Lessons from Geographic Targeting Orders

What Business Lawyers Need to Know about Privacy Law

Money Services Businesses: Licensing Requirements in Canada and the U.S.

OCC Releases Whitepaper on “Responsible Innovation”

Yesterday, the Office of the Comptroller of the Currency issued a whitepaper, Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective, that introduces the agency’s principles for facilitating and regulating “responsible innovation” in the federal banking system, particularly in financial technology or “fintech.” The whitepaper ...

The FTC report on how big data interacts with the law

The FTC Staff Report on Big Data

By Andrew Smith and Mike Nonaka On January 6, 2016, the Federal Trade Commission issued its staff report on big data, Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues, following up on the FTC’s workshop on big data in September 2014 and seminar on alternative scoring products in March 2014. The report provides an … Continue Reading

Federal Trade Commission Staff Report on Big Data

Covington Promotes Nine New Partners

WASHINGTON, DC, October 1, 2015 - Covington has elected nine of its lawyers to partnership. “We are delighted to welcome our new partners, who exemplify the spirit and substance of Covington,” said Timothy Hester, chair of the firm’s management committee. “This partnership class reflects our focus on the firm’s core practice strengths. We are confident that ...

Big Data and Compliance

Covington Advises Public Pension Capital on Partnership with Kramer Van Kirk Credit Strategies

WASHINGTON, DC, May 15, 2015 — Covington represented Public Pension Capital, LLC in the formation of a strategic partnership with and investment in Kramer Van Kirk Credit Strategies LP, a Chicago-based manager of collateralized loan obligations with more than $4 billion in assets under management. Public Pension Capital also acquired a stake in KVK Technology ...

Is Your Bank Increasing Its Credit Risk?

When The CFPB Is After You: How to Respond to Threatened Enforcement Actions

Forms of Entry, Operation, Expansion, and Supervision of Foreign Banks in the United States

FDIC Insurance and Regulation of U.S. Branches of Foreign Banks

FCRA Jury Award Highlights Compliance Risk

Recently, a jury in the U.S. District Court for Oregon awarded a plaintiff $18.58 million in compensatory and punitive damages for Equifax’s violations of the Fair Credit Reporting Act (FCRA). The plaintiff was a co-signor to a loan that was denied by a bank due to the plaintiff’s credit report, which was a “mixed file” that … Continue Reading

GAO to Review CFPB Data Collection Initiative

Last week, the Government Accountability Office (GAO) agreed to review the Consumer Financial Protection Bureau’s (CFPB) collection and analysis of consumer credit records in response to a request from Senator Mike Crapo (R-ID). In a letter to the GAO Comptroller General, Sen. Crapo requested that the GAO investigate “CFPB’s data collection to determine its ...

CFPB Rulemaking Agenda Includes Potential Changes to GLBA Annual Privacy Notice Requirement

Earlier this month, the Consumer Financial Protection Bureau (CFPB) posted its semi-annual update of its rulemaking agenda for the coming 12-month regulatory cycle, including recently-completed rulemakings. The rulemaking agenda is part of a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of federal regulatory and ...

FTC Announces Information about Upcoming Mobile Security Forum

Today, the Federal Trade Commission released the agenda and panelists for the public forum it is holding on mobile security, Mobile Security: Potential Threats and Solutions, on June 4, 2013. The forum will bring together technology researchers, industry members, and academics to explore mobile malware, the security of existing and developing mobile ...

FTC Official Highlights FCRA Enforcement as a High Priority

Earlier this month, Maneesha Mithal, Associate Director of the Federal Trade Commission’s Division of Privacy and Identity Protection, testified before the U.S. Senate Subcommittee on Consumer Protection, Product Safety, and Insurance regarding consumer report accuracy and the FTC’s efforts to improve accuracy through education and enforcement. Her testimony ...

SEC and CFTC Issue Final Identity Theft Rule

Last week, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) published in the Federal Register a joint rule requiring entities regulated by the agencies to adopt programs to detect and prevent identity theft. The rule is referred to as the “red flags rule” and applies to certain broker-dealers, mutual funds, investment ...

Federal Reserve Releases Report of Mobile Banking and Mobile Payments Use

On March 27, 2013, the Federal Reserve released a report on consumers’ use of mobile banking and mobile payments. The report follows a similar report issued by the Federal Reserve last year. The report found that use of mobile banking has increased significantly in the past year while use of mobile payments has increased as well. … Continue Reading

House Passes Legislation Eliminating Annual GLBA Privacy Notice Requirement

Earlier this week, the House of Representatives passed H.R. 749, the Eliminate Privacy Notice Confusion Act. The bill is sponsored by Rep. Blaine Leutkemeyer (R-MO) and Rep. Brad Sherman (D-CA). An earlier version of the bill passed the House in December but was never taken up by the Senate. We previously covered similar legislation introduced by … Continue ...

FTC Issues Report on Mobile Payments

Last Friday, the Federal Trade Commission released a report, Paper, Plastic…or Mobile?, on the use of mobile payments. The report follows a workshop hosted by the FTC in April 2012 that explored innovative mobile payment products and services, the potential benefits offered by mobile payments, and the concerns they raise. For purposes of the report, mobile … ...

Covington Advises Financial Federal Corporation on $738M Merger with People’s United Financial

NEW YORK, February 22, 2010 — Financial Federal Corporation and People’s United Financial, Inc. have completed the merger of Financial Federal with People’s United in a transaction valued at approximately $738 million. Covington & Burling LLP advised Financial Federal on the transaction. Financial Federal is a financial services company providing collateralized ...

Representative Matters

Pro Bono

Memberships and Affiliations

News and Insights (Showing 5 of 45) (Showing 45 of 45)

Federal Trade Commission Staff Report on Big Data

Big Data and Compliance

Is Your Bank Increasing Its Credit Risk?

When The CFPB Is After You: How to Respond to Threatened Enforcement Actions

Forms of Entry, Operation, Expansion, and Supervision of Foreign Banks in the United States

FDIC Insurance and Regulation of U.S. Branches of Foreign Banks

Anti-Money Laundering Compliance

Accolades

Practices

Industries

Education

University of Pennsylvania Law School, J.D., 2007

College of William and Mary, B.B.A./B.A., 2004

Bar Admissions