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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 Spruill represents banks, finance companies, alternative online lenders, and Financial Technology (“FinTech”) startups in connection with regulatory and commercial matters affecting their business. He has assisted financial companies in the design and documentation of consumer 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 devotes much of his practice to advising his clients on the application of state and federal consumer finance laws, including how such laws apply to innovative products and services offered in the FinTech space. He is Team Leader of the firm’s Marketplace Funding Team. The Marketplace Funding Team helps clients take advantage of FinTech innovations in connection with online loan platforms and other digital loan services. Jay is the editor of the team's Marketplace Shift blog. Jay also devotes a significant part of his practice to advising companies involved in virtual currency (cryptocurrency) activities.

Having previously 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 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.

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

  • Advised alternative online lenders in the design and development of their consumer loan products and their ongoing operations, including advice on disclosure, usury, licensing, payments, and debt collection
  • Advised companies offering virtual currency (cryptocurrency) wallets and exchanges on the application of FFIEC and state money transmitter licensing, anti-money laundering requirements, and related matters
  • Represented regional bank in connection with its ongoing purchase of consumer loans originated through FinTech platforms
  • 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
  • Assisted with federal and state regulatory filings and other regulatory matters in connection with bank mergers and acquisitions
  • Represented 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
  • Assisted banks in the preparation of cash management and positive pay agreements
  • Advised banks in negotiating technology service agreements and other vendor service agreements
  • Advised banks on routine deposit and loan issues, including disclosures, the UCC, and fraud

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
  • Virginia Bar Association: Member, Corporate Counsel Section (Chair, 2002)
  • Legal Services Corporation of Virginia, Richmond: Board of Directors, 1999 – present 
  • Leadership Metro Richmond, Quest Class of 2018


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

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