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Michael Nonaka is co-chair of the Financial Services Group and 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 plays an active role in 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 blockchain, bitcoin and other cryptocurrencies, big data, cloud computing, same day payments, and online lending.

  • Representation of Monzo, a UK challenger bank, with respect to the launch of a prepaid card in the United States in partnership with Sutton Bank.
  • Representation of Citizens Financial Group in the reorganization and merger of its bank subsidiaries, Citizens Bank N.A. and Citizens Bank of Pennsylvania.
  • Representation of the Bank Policy Institute on various comment letters and other advocacy efforts.
  • 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 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 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 General Motors in congressional hearings and requests for government funding.
  • Representation of Freddie Mac in connection with establishment of Federal government conservatorship.

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