Nicholas A. J. Vlietstra
PEOPLE

Nicholas A. J. Vlietstra

Partner
vlietstra.nicholas@dorsey.com

Overview

NICK ADVISES AND REPRESENTS FINANCIAL SERVICES INDUSTRY CLIENTS ON A WIDE RANGE OF CONSUMER LEGAL AND REGULATORY ISSUES.

Nick Vlietstra is a Partner in Dorsey’s Finance & Restructuring Group. Nick has expertise in consumer banking law and regulation, government investigations and inquiries, workplace investigations, and working with regulators, including the Federal Reserve, the OCC, the CFPB, and state banking agencies. He also has extensive experience in advising banks and their executive management on a wide range of high-stakes and sensitive legal issues involving legal and reputational risk, complex litigation, and nuanced business and consumer disputes.  Nick has also tried cases in state and federal court and in commercial and labor arbitrations.

Prior to joining the Firm, Nick was U.S. Bancorp’s Deputy General Counsel and previously its Chief Consumer Banking Counsel and its Chief Litigation Counsel. In his twelve years there, Nick advised and led legal support for all of its consumer banking and payments businesses, including consumer lending, branch banking, credit and prepaid cards, residential mortgage, and collections. Nick also oversaw all of the company’s litigation, employment and investigation matters nationwide, for all lines of business.

Nick also serves as general counsel to the Dorsey & Whitney Trust Company.

Education & Admissions

Georgetown University Law Center (J.D., 1993), cum laude

University of Wisconsin - Madison (B.S., 1990), with distinction

Admissions

  • Minnesota
  • U.S. District Court for the District of Minnesota
  • U.S. Court of Appeals for the Eighth Circuit
  • U.S. Court of Appeals for the Fourth Circuit

Clerkships

  • U.S. Court of Appeals for the Eighth Circuit, Honorable James B. Loken, 1993-1994

Experience

Representative Experience

  • Counseling financial institution clients with respect to Truth-In-Lending Act violations and related remediation 
  • Implementing and managing nationwide customer mediation program for national bank client
  • Establishing Minnesota branch of an out-of-state national bank
  • Counseling bank client on Telephone Consumer Protection Act (TCPA) compliance, including reviewing customer contact policies in multiple lines of business, assessing compliance and risk, recommending and implementing significant changes to practices and disclosures
  • Handling and resolving customer TCPA disputes and coordinating TCPA litigation strategy for banking clients
  • Handling consumer remediation processes
  • Handling and advising on contract disputes for bank clients
  • Conducting internal investigations into allegations of employee fraud and other misconduct
  • Representing financial institutions regarding state licensing matters
  • Representing national bank clients in responding to state agency investigations on various banking topics 
  • Representing bank in defense of a series of fraud and account mishandling claims, including multiple summary judgment victories and a complete defense verdict after a jury trial in federal court
  • Responding to Congressional sub-committee and state attorney general investigations relating to student loans
  • Responding to Congressional investigations relating to mortgage foreclosures
  • Counseling out-of-state trust company regarding state regulatory process and requirements
  • Advising bank clients on merchant data breach litigation
  • Advising on mortgage servicing policies and procedures for compliance with federal and state law 

News & Resources

Articles

"Ten Key Points about the Bank Examination Privilege," Business Law Today
"Bank Examinations — Not As Confidential As You Might Think," Law 360
Keeping Bank Examinations Confidential in Litigation
"The Bank Examination Privilege: When Litigants Demand Confidential Regulatory Reports," ABA Publishing
The Basics of the Bank Examination Privilege – Video Presentation
The U.S. Supreme Court’s Decision in Texas Department of Housing & Community Affairs v. Inclusive Communities Project, Inc.
“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices
Supreme Court’s Jesinoski Ruling Provides Clarity on TILA Rescission While Creating Many Questions

News & Press Mentions

ABA Book Offers Overview of Bank Examination-Privilege and its Role in Supervision
New ABA book offers overview of bank examination privilege and its role in supervision
New ABA book offers overview of bank examination privilege and its role in supervision
Dorsey Partners Eric Epstein, David Scheffel and Nick Vlietstra Complete New ABA Treatise on Bank Examination Privilege
Dorsey Partner Nick Vlietstra Discusses if Banks Practices are Abusive
Dorsey & Whitney Nabs Ex-US Bancorp Regulatory Pro
Former senior U.S. Bancorp lawyer joins Dorsey as partner
Bank Regulatory Veteran Nicholas Vlietstra Joins Dorsey

Select Presentations

  • "Changing of the Guard in Financial Services Regulation," Bank Counsel Roundtable, December 20, 2016 
  • “Privacy and Data Security: What Is the Federal Government Doing?”, Minnesota CLE, October 18, 2016  
  • “CFPB Outlook for 2016-2017,” Bank Counsel Roundtable, September 22, 2016
  • “The CFPB’s Arbitration Proposal and Its Implications,” Bank Counsel Roundtable, May 17, 2016 
  • “HMDA Reporting—Past and Future—Implementation, Challenges and Litigation Risks,” Bank Counsel Roundtable, November 18, 2015
  • “Banking Bad: Financial Services in the Age of Bitcoin and Legalized Marijuana,” Dorsey Corporate Counsel Symposium, October 27, 2015
  • “Legal Developments:  Payday Lending, Leveraged Lending and Arbitration,” Bank Counsel Roundtable, April 23, 2015
  • “Investigative Tools of the CFPB and Other Federal Agencies,” Bank Counsel Roundtable, March 25, 2015
  • “Coming Soon From The CFPB: Outlook for 2015,” Bank Counsel Roundtable, January 28, 2015
  • “In-House Counsel and The Attorney-Client Privilege: Protecting Privileged Advice and Discussions in a Variety of Settings,” Twin Cities Chief Legal Officers Group (CLOG), November 2013

Industries & Practices

  • Aviation
  • Banking
  • Consumer Financial Services
  • Financial Services Regulatory
  • Mortgage Banking
  • Securities & Financial Services Litigation & Enforcement
  • Telephone Consumer Protection Act

Professional & Civic

Community Involvement

  • Greater Metropolitan Housing Corporation, Director
  • Lundstrum Center for the Performing Arts, Director
Nicholas A. J. Vlietstra