Jay is a member of Woods Rogers Vandeventer Black’s (WRVB) Financial Services group. He provides strategic counsel to depository institutions, finance companies, and other financial institutions so that they can navigate their way to success. In an ever-challenging regulatory environment, Jay provides each client with insightful advice that leads to practical solutions.
Over his thirty-year legal career, Jay has gained a deep understanding of the business operations of his clients. His legal expertise extends across the spectrum of state and federal laws and regulations affecting the loan, deposit, trust, and payment products and services his clients offer. His expertise includes state and federal banking agency regulations; the alphabet soup of federal consumer financial protection regulations (Truth-in-Lending, Electronic Fund Transfers, Equal Credit Opportunity, Privacy and Cybersecurity, Real Estate Settlement Procedures, Fair Credit Reporting, and more); e-commerce regulations; Bank Secrecy Act and anti-money laundering regulations; state licensing and related requirements for non-depository lenders and money transmitters; and the Uniform Commercial Code.
Jay has experience forming companies to engage in financial activities, designing and documenting new financial products and services, defending and resolving regulatory examination and enforcement matters, developing risk management strategies to ensure compliance with legal and regulatory requirements, handling loan and asset sale transactions, addressing privacy and cybersecurity concerns, and resolving day-to-day operational issues involving deposit and loan products. Jay also represents clients before the Virginia State Corporation Commission, the Virginia Bureau of Financial Institutions, and other state agencies.
Financial technology (FinTech) is a growing part of the financial services industry. Jay’s experience in this area, particularly with respect to cloud-computing arrangements, allows him to help his clients take advantage of innovations in digital platforms and other online services to grow their business 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, he 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.
- Represented a community bank in the implementation of a cloud-computing deposit platform, including the negotiation of agreements with FinTech provider and sub-providers.
- Obtained favorable ruling on behalf of Virginia consumer loan association in declaratory judgment action before the Virginia State Corporation Commission.
- Represented financial institutions before the Virginia Bureau of Financial Institutions and Virginia State Corporation Commission regarding examination issues, new products and services, and other regulatory matters.
- Represented depository institutions in drafting of deposit and loan agreement forms.
- Represented depository institutions in connection with fraudulent check and wire transfer transactions, including successfully defending against claims of depository institution liability for fraud losses.
- 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 digital 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 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 depository institutions in the preparation of cash management and positive pay agreements.
- Represented depository institutions in negotiating technology service agreements and other vendor service agreements.
- Represented depository institutions on routine deposit and loan issues, including disclosures and the UCC.
New CFPB Guidance: Surprise Overdraft Fees and Returned Check Fees Are Likely Unfair and Unlawful
October 31, 2022
Financial Exploitation of the Elderly: New Duties for Financial Institutions under 2022 Virginia Legislation
July 7, 2022
Banks Will Have 36 Hours to Report Cyberattacks Under New Rule
January 12, 2022
Direct Deposits of Child Tax Credits are Exempt from Creditor Process
July 27, 2021
Should Your Bank Offer Bitcoin Services?
June 25, 2021
Bankruptcy Case Leads to Favorable Ruling for Creditors Holding Property
March 16, 2021
COVID-19 Fair Credit Reporting Risks: Financial Institutions Should Review Practices (Coronavirus and the Law)
July 20, 2020
The Bank Secrecy Act and Paycheck Protection Program Loans (Coronavirus and the Law)
May 11, 2020
Important Considerations for Banks (Coronavirus and the Law)
March 24, 2020
Bank Watch – Legal Issues in Banking
March 3, 2020
John Byrum and Jay Spruill Convince SCC to Strike Prohibitive Rule Against Consumer Finance Companies
March 20, 2023
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
Best Lawyers in America Recognizes 70 WRVB Attorneys
August 17, 2023
WRVB Attorneys Make Major Showing in Best Lawyers in America
August 16, 2022
Forty-four Woods Rogers Attorneys Recognized by Best Lawyers for 2022
August 19, 2021