Nicholas A.J. Vlietstra

Nicholas A.J. Vlietstra




Nick Vlietstra is a Partner in Dorsey’s Finance & Restructuring Group, and serves as co-chair of the Financial Services Regulatory 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 is the firm’s General Counsel and Secretary to the firm’s Policy Committee. He also is general counsel to Dorsey & Whitney Trust Company LLC.

Education & Admissions

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

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


  • 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


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


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 university client with respect to Department of Education cash management rules affecting student bank accounts and related contractual arrangements with bank partners
  • 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 consumer remediation and mediation 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

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 & Financial Institutions
  • Consumer Financial Services
  • Financial Services Regulatory
  • Mortgage Banking
  • Securities & Financial Services Litigation & Enforcement

Professional & Civic

Community Involvement

  • Greater Metropolitan Housing Corporation, Director, 2016-2018
  • Lundstrum Center for the Performing Arts, Director, 2013-2021
Nicholas A.J. Vlietstra