Job Description
Position Summary:
Assists with the development and maintaining of comprehensive compliance programs to ensure adherence to credit union operational compliance requirements, laws, regulations and prudent business practices. Assists respective departments with guidance and implementation of regulatory and operational changes through impact analysis, teammember training, form changes, system enhancements, and creation and revision of Board Policies and standard operating procedures. Collects, interprets, and disseminates regulatory and legal information to credit union management.
Position is used to support either 1) all lending-related business functions of the credit union; meaning Real Estate, Consumer Loans, Loan Servicing, and Collections or 2) Operations Compliance functions. This position is not responsible for BSA compliance.
Essential Job Functions:
- Subject Matter Expert in legal, regulatory, fiduciary, and compliance requirements relative to lending or operational specific areas of the organization.
- Monitors and interprets legal, regulatory and policy changes affecting specific areas of the credit union and evaluates the potential impact those requirements may have by reviewing policies and procedures, investigating documents, understanding loan origination and loan servicing system functionality, and loan records as they relate to compliance activities (if applicable).
- Develops detailed and comprehensive analyses of proposed and final regulations and newly enacted state and federal laws to senior management.
- Develops and distributes summaries of relevant litigation and state and federal enforcement actions to senior management, and evaluates the potential impact the action may have on the credit union's products, policies, or processes.
- Authors and submits comment letters expressing concerns with or in support of proposed regulations to regulatory agencies, including the NCUA and CFPB, on behalf of credit union senior management.
- Analyzes operating procedures and processes for compliance with legal and regulatory requirements and provides recommendations and guidance to ensure corrective action is taken for identified compliance issues.
- Assists with the management of the compliance monitoring and testing calendar, and ensures compliance reviews are conducted in accordance with established regulatory and legal interpretations, standards, and practices.
- Ensures that Standard Operating Procedures (SOPs) for specific processes are compliant with applicable state laws and federal laws and regulations, as well as secondary market requirements for mortgage loans sold to Government Sponsored Enterprises (if applicable).
- Drafts, reviews and approves lending-related loan agreements, forms, disclosures and letters for compliance with legal and regulatory requirements in advance of implementation or use.
- Provides review and approval of marketing materials, advertisements and all Member communications for compliance with legal and regulatory requirements in advance of publication or distribution.
- Conducts legal and regulatory research proactively, and in response to compliance issues or questions of a highly complex nature received from credit union management, teammembers, and government agencies. Acts as a resource for questions regarding legal and regulatory issues, and in the development of new products and services.
- Works directly with management to identify compliance objectives and determine which processes are key in meeting those objectives. Performs in-depth analysis of legal and regulatory requirements and identifies gaps. Authority to determine which situations are reportable and which can be addressed within business unit without escalation to senior management.
- Develops recommendations for changes to processes and systems that will minimize compliance risk, improve performance and productivity and ensure that specific areas of the credit union comply with all relevant laws, regulations, and standards.
- Acts as Compliance liaison to assist with the facilitation of regulatory examinations by the NCUA, CFPB, and external audit firms.
- Develops oral and written presentations to present to management after disseminating legal and regulatory analyses; expresses opinions, discusses complex legal and regulatory requirements in a layman's manner, and provides recommendations and guidance to ensure compliance with applicable legal and regulatory requirements both during the implementation of new requirements and with existing requirements.
- Assists with the training of and acts as a resource for technical guidance to all Compliance and Quality Assurance teammembers.
- Conducts presentations and training to credit union staff and leads group meetings.
- Maintains contact with external legal counsel regarding legal and regulatory compliance questions pertaining to programs and products.
- Completes short- and long-term projects as assigned by management.
- Provides support with periodic reporting to senior management.
Education:
High School Diploma or G.E.D. required.
Bachelor's Degree preferred.
Experience:
7 to 10 years of compliance experience within financial industry
Expert knowledge of federal and state consumer protection and regulatory compliance requirements.
Lexis-Nexis experience a plus.
License/Certification requirement:
Credit Union Compliance Expert or NAFCU Certified Compliance Officer
Location
Rudy Hanley Campus I
Schedule
Monday through Friday 8:00 am to 5:00 pm