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Joseph E. "Jay" Spruill, III

919 East Main Street
Twenty-Fourth Floor
Richmond, Virginia 23219
Phone:  804.343.4184
Mobile Phone:  804.305.4645
Fax:  804.916.7169


Jay advises financial institutions on regulatory and commercial matters affecting their business. He has assisted financial institutions in the development and documentation of financial products and services, the purchase and sale of assets, the resolution of regulatory issues raised by federal and states agencies, and the implementation of risk management strategies. Jay also routinely advises financial institutions on the impact of new federal and state laws and, in particular, has been involved in assisting financial institutions in connection with the implementation of the Dodd–Frank Wall Street Reform and Consumer Protection Act. He currently leads LeClairRyan's marketplace funding industry team and serves as editor of Marketplace Shift, our firm's blog about legal and regulatory developments impacting financial innovation.

Having served as General Counsel for the Virginia Bankers Association, Jay has authored numerous bills enacted by the Virginia General Assembly affecting banking and finance in the Commonwealth of Virginia. He also served on a five-lawyer working group responsible for making recommendations to the Virginia Code Commission on the re-codification of the banking and finance title of the Code of Virginia. In addition to his banking and finance work, Jay maintains an active lobbying practice.

Jay began his legal career as an in-house lawyer at a large national bank where he had responsibility for providing legal support to the bank’s retail banking operations in several states.

Representative Experience

Financial Institution Regulatory

  • Represented bank shareholders in change in bank control application with the Federal Reserve
  • Represented large financial institution before the Federal Reserve in connection with its ruling on permissible investments under the Bank Holding Company Act
  • Represented community bank in seeking approval from the Federal Reserve and FDIC of executive compensation arrangements
  • Represent entrepreneurs in establishing a Bitcoin exchange in Virginia
  • Represented large financial institution before the Virginia Bureau of Financial Institutions regarding its loan practices in Virginia

Financial Institution Operations

  • Counseled large financial institutions on the application of state licensing, debt collection, and usury laws to various financial services and products offered nationwide
  • Counseled community bank in the development and documentation of its online banking services
  • Counseled community banks in the drafting of cash management and positive pay agreements
  • Represented community banks in negotiating credit card processing agreement and other vendor agreements
  • Counsel community bank on ongoing routine deposit and loan issues, including disclosures, the UCC, and fraud

Mortgage Lending

  • Counseled financial institution in the development of its correspondent mortgage lending program for banks
  • Counseled community banks on compliance issues under the CFPB’s ability-to-repay and other mortgage regulations

Legislative Affairs

  • Represented trade and professional associations, coalitions, and companies before the Virginia General Assembly

Legal Experience

  • LeClairRyan, Richmond, Virginia, 2013 – Present
  • Reed Smith, Richmond, Virginia, 2011 – 2013
  • General Counsel, Virginia Bankers Association, Richmond, Virginia, 1994 – 2011
  • Assistant General Counsel, NationsBank Corporation, 1988 – 1994

Memberships and Affiliations

  • American Bar Association: Member, Business Law Section, Consumer Financial Services Committee
  • Legal Services Corporation of Virginia, Richmond: Board of Directors, 1999 – Present
  • Virginia Bar Association: Member, Corporate Counsel Section (Chair, 2002)


  • Listed in Virginia Business magazine’s “Legal Elite" for Legislative, Regulatory, and Administrative Law, 2009–2013

Related Industries


  • J.D., University of Richmond School of Law, 1988
  • B.A., English, University of North Carolina at Chapel Hill, 1984

Bar Admissions

  • Virginia, 1988
  • Maryland, 1989