Joseph Yesutis focuses his practice on financial institutions participating in the U.S. banking and payment systems. He has significant experience advising both depository and non-depository institutions, as well as their holding companies and other affiliates, in the areas of regulatory compliance, electronic commerce and mergers and acquisitions. Joseph counsels banks, brokers and insurance companies on a broad range of issues relevant to the purchase, surrender and ongoing management of bank-owned life insurance (BOLI).
Joseph focuses extensively on the development and delivery of consumer financial products and services. He provides routine counsel on compliance issues critical to retail and wholesale payment systems, such as federal and state laws and industry rules governing financial privacy and data security, anti-money laundering concerns under the Bank Secrecy Act, and consumer protection. His clients include regulated and non-regulated payment system participants, including banks, card associations, payment networks, Internet retailers, money services businesses and designers of nontraditional payment products. Joseph has deep knowledge of federal and state gaming laws and advises card networks, gaming companies and third-party service providers on the permissibility of online gaming services and related forms of payment.
- Represented multiple national health insurers in the development of card-based products for use in conjunction with health benefit plans (HSAs, HRAs, FSAs).
- Counsel to multiple banks in their implementation of BOLI programs (purchases ranging from $40 million to $1-plus billion).
- Represented a national insurance company in one of the first acquisitions of a depository institution by an insurance company under the Gramm-Leach-Bliley Act.