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, 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.


American Bar Association

Leadership Metro Richmond

Legal Services Corporation of Virginia, Richmond

Virginia Association of Community Banks

Virginia Banker’s Association

Virginia Bar Association

Representative Cases

Highlights of Jay’s experience include:

  • 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

Featured Posts

Speaking Engagements

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


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