Jacob N. Westlund


Tel 612.752.1017
Fax 612.371.3207

Jacob Westlund assists banks and financial institutions with a range of matters involving consumer financial services, payments products, third-party relationships, data privacy, commercial lending, and other regulatory compliance challenges. Jacob approaches his clients' needs with full awareness of the challenging regulatory environment in which financial institutions operate and the importance of efficient, reliable legal services.

Jacob's experience includes the Truth in Lending Act (TILA), Electronic Funds Transfer Act (EFTA), Gramm-Leach-Bliley Act (GLBA) privacy requirements, Fair Credit Reporting Act (FCRA), Equal Credit Opportunity Act (ECOA), Telephone Consumer Protection Act (TCPA), and a wide range of other state and federal laws and regulations affecting banking and the provision of financial products and services. In particular, Jacob advises banks and program managers on new regulatory requirements applicable to prepaid cards and accounts. Jacob also has assisted banks with drafting compliant consumer-facing disclosures, notices, and other documentation; UDAP/UDAAP issues; application of state and federal money transmitter requirements to Fintech and other novel business models; BSA/AML, financial crimes, and sanctions obligations; and review of GLBA privacy materials. Jacob also has assisted with transactions among various participants in the payments ecosystem, as well as in the commercial and syndicated lending contexts.

Prior to joining Ballard Spahr, Jacob served at a large national bank where he was responsible for conducting a rigorous, enterprise-wide assessment of top compliance and risk issues. The assessment evaluated the effectiveness of senior leadership - including the board of directors, senior management, and top-level committees - as well as the bank's governance, strategy-setting, and overall risk management infrastructure. This background allows Jacob to approach his clients' concerns from an experienced and risk-oriented perspective grounded in the real-world, business implications of legal advice.

Jacob is committed to his local communities, including through service to the board of a nonprofit Fintech platform designed to facilitate more efficient charitable contributions from small-dollar or first time donors, through leadership roles in Minnesota's LGBTQ community and affinity bar association, and through engagement with a range of diversity and inclusion-related initiatives and organizations.

Judicial Clerkships

Hon. Judge Kathleen Sheehy, Fourth Judicial District of Minnesota

Professional Activities

Minnesota State Bar Association

Co-Chair, Minnesota Lavender Bar Association

Co-Chair, Equality Ballard

Secretary, Interest for Others Foundation

Member, National LGBT Bar Association

Recognition & Accomplishments

North Star Lawyer, Minnesota State Bar Association, 2018


Co-author, "Fast-Approaching Effective Date of Prepaid Rule Leaves Little Time to Address Significant Compliance Challenges," Ballard Spahr alert, February 5, 2019

Speaking Engagements

Presenter, "The CFPB's Final Prepaid Card Rule: Top Ten Compliance Considerations," Consumer Finance Monitor Podcast, March 21, 2019

Presenter, "The Prepaid Rule Takes Effect: Considerations for Properly Implementing the CFPB's Prepaid Accounts Rule," Ballard Spahr webinar, February 27, 2019

William Mitchell College of Law (now Mitchell Hamline School of Law) (J.D., magna cum laude, 2012)

Editor, William Mitchell Law Review

University of Minnesota (B.A. 2009, honors)