New Virginia Finance Laws Signal Consumer Protection Push

Woods Rogers Principal Jay Spruill shared his insights in Law360 on the sweeping financial services legislation enacted during Virginia’s 2026 General Assembly session, outlining what banks, credit unions and other financial institutions should do now to prepare for significant compliance changes.

In the article, Jay explains that the new laws reflect a broader shift toward increased consumer protection, enhanced operational accountability and greater scrutiny of financial institutions. He identifies Virginia’s new garnishment law as the most significant change affecting depository institutions in decades, while also examining new requirements related to mortgage assumptions following divorce, consumer debt collection, estate administration, cryptocurrency kiosks and other key developments.

Jay concludes that financial institutions should begin reviewing their policies, procedures, technology systems, employee training and vendor relationships now to prepare for the new requirements and reduce implementation risk before the laws take effect.

Read the complete article in the copy here (PDF) on on Law360 here.