Jay Spruill is a member of Woods Rogers’ Banking and Financial Services group. He joined Woods Rogers in 2019 and works out of the firm’s Richmond, Va. office. He focuses on representing depository institutions, finance companies, FinTech companies, and other financial institutions as they navigate the complex laws affecting their business.
His experience includes assisting institutions with designing and documenting financial products and services, handling loan and asset sale transactions, resolving regulatory and operational issues, addressing privacy and cybersecurity concerns, developing risk management strategies, and defending enforcement actions. Jay also represents clients before the Virginia General Assembly, the Virginia State Corporation Commission, and state agencies.
Financial technology (FinTech) is a growing part of the financial services industry. Jay’s expertise in this area allows him to advise his clients of the advantages and innovations in online platforms and other digital services while staying compliant and managing risk.
During his time as the General Counsel for the Virginia Bankers Association, Jay authored many bills affecting banking and finance in Virginia. In addition, Jay advised the association on the impact of significant banking legislation enacted at the federal level. Jay uses that experience and expertise to assist financial institutions with state and federal regulatory compliance.
Jay devotes part of his practice to advising non-profit companies on governance matters and other issues affecting their operations.
Jay graduated from UNC Chapel Hill and the University of Richmond School of Law. He began his legal career as in-house counsel to a large national bank and supported the bank’s retail operations in several states. He has been named in Virginia Business magazine as a “Legal Elite” for Legislative, Regulatory, and Administrative Law.
- Represented large finance company in the design and development of its consumer loan products and its ongoing operations, including advice on disclosure, usury, licensing, payments, and debt collection
- Represented commercial finance company in the development of a FinTech platform for the origination of commercial loans to medical professionals and the sale of such loans to community banks
- Represented regional bank in connection with its ongoing purchase of consumer loans originated through FinTech platforms
- Advised cryptocurrency platform/exchange on compliance with applicable federal and state laws, including the federal Bank Secrecy Act and state money transmitter licensing requirements on a nationwide basis
- Represented Fortune 500 financial companies in multi-state review of permissible fees and charges, debt collection practices, and licensing requirements
- Represented legal funding company in the design and development of its products and services and state law requirements on a nationwide basis
- Represented community banks in asset-based loan transactions
- Represented numerous financial institutions before the Virginia Bureau of Financial Institutions regarding new products and services, loan practices, and other regulatory matters
- Represented community bank in connection with its acquisition of a finance company
- Represented community bank in the acquisition of multiple branch offices
- Assisted with federal and state regulatory filings and other regulatory matters in connection with bank mergers and acquisitions
- Represented community bank in the development and documentation of its online banking services
- Represented regional bank on its multi-state mortgage loan practices and operations, including licensing and trade name requirements
- Represented large financial institution before the Federal Reserve Bank of Richmond concerning the participation of community banks in such institution’s insurance program
- Represented community banks in the preparation of cash management and positive pay agreements
- Represented community banks in negotiating technology service agreements and other vendor service agreements
- Represented community banks on routine deposit and loan issues, including disclosures, the UCC, and fraud
Financial Exploitation of the Elderly: New Duties for Financial Institutions under 2022 Virginia Legislation
July 7, 2022
Banks Will Have 36 Hours to Report Cyberattacks Under New Rule
January 12, 2022
Direct Deposits of Child Tax Credits are Exempt from Creditor Process
July 27, 2021
Should Your Bank Offer Bitcoin Services?
June 25, 2021
Bankruptcy Case Leads to Favorable Ruling for Creditors Holding Property
March 16, 2021
COVID-19 Fair Credit Reporting Risks: Financial Institutions Should Review Practices (Coronavirus and the Law)
July 20, 2020
The Bank Secrecy Act and Paycheck Protection Program Loans (Coronavirus and the Law)
May 11, 2020
Important Considerations for Banks (Coronavirus and the Law)
March 24, 2020
Bank Watch – Legal Issues in Banking
March 3, 2020
Modernizing the CRA: Proposed Changes
February 26, 2020
Armada Labs | New Era of Digital Debt Collection
December 17, 2020
rvatech TechX FinTech Conference | Compliance in a Consumer-Centric World
May 4, 2020
Virginia Association of Community Banks | Legal Panel: FinTech Forum
October 15, 2019
Virginia Bank Directors’ Symposium | Legal Panel
April 11, 2019
WRVB Attorneys Make Major Showing in Best Lawyers in America
August 16, 2022
Forty-four Woods Rogers Attorneys Recognized by Best Lawyers for 2022
August 19, 2021