Jay Spruill is a member of Woods Rogers’ Banking and Financial Services group. He joined Woods Rogers in January 2019 and works out of the firm’s Richmond, Va. office. He focuses on representing banks, finance companies, online lenders, credit unions, and other financial institutions as they navigate the complex regulatory and commercial matters affecting their business. His experience includes assisting institutions with designing and documenting financial products and services, purchasing and selling assets, resolving regulatory issues, and developing risk management strategies.

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 and 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.

Highlights of his 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 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 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
  • 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


American Bar Association

Leadership Metro Richmond

Legal Services Corporation of Virginia, Richmond

Virginia Bar Association

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