This position reports to the Audit Committee and Chief of Technology and Operations and supervises the BSA/Fraud Officer and Security & Facilities Officer.
ESSENTIAL FUNCTIONS
Compliance/Information Security:
- Research all Federal and State Laws and Regulations relating to the Bank to create a dynamic, effective, risk-based Compliance Management Program that includes Privacy/Bank Secrecy Act/ Anti-Money Laundering / OFAC. Identify areas of risk with regards to UDAAP and Fair Lending and work with Senior Management and the Board of Directors to create a Fair Lending/UDAAP compliant culture.
- Manages, conducts or oversees an institution-wide and/or product-specific risk-based compliance reviews and assessments. Responsible for GLBA.
- Develops, implements and maintains an effective compliance management program, procedures and policies as well as addressing other regulatory policies. Presents new policies or policies requiring annual review to the Board of Directors.
- Routinely monitors, interprets and communicates regulatory changes to Senior Management and the Board of Directors about potential changes to the compliance environment.
- Provide regulatory compliance guidance to Senior Management and the Board of Directors regarding changes to existing products or services, and in the creation or adoption of new products and services.
- Develops, coordinates and participates in compliance educational and training programs for all Bank employees and the Board of Directors.
- Provides a day-to-day resource for compliance questions, advertising and disclosure reviews.
- Serve as a primary contact between Federal and State Examiners and External Auditors during Regulatory Compliance Examinations, Safety and Soundness Examinations, and routine internal and compliance audits for BSA, Privacy, Lending, and Deposit Operations.
- Provides leadership, coaching and direction to the team.
Community Reinvestment:
- Develop and review an appropriate CRA statement; report on it to board; ensure it is available to the public upon request.
- Monitor the bank’s CRA performance; suggest ways to improve performance.
- Establish CRA guidelines to assure the bank performs well under the assessment factors in the regulation.
- Maintain awareness of CRA compliance. Obtain necessary training to keep current on other regulatory compliance and Bank operations.
ADDITIONAL RESPONSIBILITIES
- Provides regular compliance status updates to Chief of Technology & Operations, Compliance Committee, Board and other committees as necessary, including Audit/Finance, CRA, and IT Steering.
- Actively leads CRA, Compliance and Audit Committee meetings, establishing an agenda and recording meeting minutes.
- Works with business units to implement compliance goals and document progress (i.e. establish metrics, manage project schedule, provide reporting to client stakeholders, etc.).
- Conducts internal monitoring as necessary using tracking sheets, logs, or other methods for compliance purposes for various Bank activities including IT, Lending, Operations, Branch Administration, BSA, and Privacy.
- Responsible for the Bank’s consumer complaint program.
- Maintains compliance with the FinCEN 314(a) review and reporting requirements.
- Monitors S.A.F.E. Act compliance program through NMLS.
REQUIRED QUALIFICATIONS AND SKILLS
- Bachelor’s Degree with concentration in business related field of study.
- BSA/AML, Compliance or Risk certifications from the ABA or equivalent such as Law degree, MBA or prior regulatory exam experience a plus.
- Minimum 5 years practical and proven experience in one or more of the following roles: Regulatory Examiner, Compliance Consultant or Bank Compliance Officer/Manager/Auditor. Extensive knowledge of Federal and State regulations in consumer lending, retail Banking operations and compliance management.
- Knowledge in using Verafin or BSA/AML Software. Proficiency with Bank core system reporting and database platforms.
- Strong management, organizational, team building, coaching and mentoring skills required.
- Strong analytical, statistical and problem-solving skills.
- The ability to speak publicly and conduct in person training on complex, linked, and overlapping regulatory topics.
- The ability to research and analyze rules and regulations as they relate to current business practices of the Bank and future business decisions of the Bank.
- The ability to identify and assess risk in both a theoretical and practical sense as it pertains specifically to the business practices of the Bank.
- The ability to make decisions quickly and effectively to resolve time sensitive compliance problems which could have material financial and legal implications for the Bank.