Compliance Officer, Fair Lending
Compliance Officer, Fair Lending - Click here to see full description and apply online!
Primary Functions: Responsible for maintaining an effective fair lending program to ensure the credit union remains in compliance with fair lending laws, regulations, and guidance. She/he will identify and lead fair lending risk and compliance initiatives, develop and refine appropriate risk and compliance monitoring and testing processes, and work with all levels and departments in the organization to understand and comply with fair lending laws and requirements.
Duties and Responsibilities:
- Manage the enterprise fair lending compliance policy and program to provide a consistent approach to the identification, measurement, and monitoring of fair lending risks.
- Establish and implement controls to minimize fair lending risk throughout the entire lifecycle of credit union products and services.
- Ensure organization-wide fair lending training is timely and tailored to the credit union's fair lending risks and employees' job functions. Evaluate, assign, and report on fair lending training, take corrective action when needed.
- Work with the Vendor Management team to monitor and test vendors and third parties for compliance with fair lending policies and procedures.
- Partner with the first line compliance teams to assess and evaluate fair lending performance, perform transactional testing, identify, and resolve control deficiencies, and work with stakeholders on necessary improvements.
- Conduct an annual risk assessment that evaluates the level and direction of the credit union's fair lending risk.
- Complete fair lending reviews, including ongoing comparative file reviews, marketing analysis, exceptions, and redlining reviews, ensure appropriate remediation occurs, and maintain adequate work papers to support findings.
- Prepare and present concise management reports related to fair lending compliance risk assessments, monitoring, and root cause analysis of fair lending compliance related issues.
- Provide timely and thoughtful regulatory expertise in response to business initiatives, line of business guidance requests, internal and external audits, and regulatory examinations.
- Interact with state and federal regulators in a positive and constructive manner regarding the fair lending compliance program and applicable requirements.
- Seek out, develop and maintain knowledge and skills through completion of continuing education and training pertinent to the position.
Qualifications:
Education: Bachelor's degree in legal studies, business, finance, information technology, or related field expected. Advance degrees in business, law, and/or other applicable professional compliance related certifications preferred (i.e., Certified Regulatory Compliance Manager; NAFCU Certified Compliance Officer; Credit Union Compliance Expert).
Creditable Experience in Lieu of Education: Not Applicable
Experience/Skills: A minimum of eight years of applicable experience in a heavily regulated industry, including direct experience with audit or regulatory compliance. Strongly prefer candidates with experience working in financial services and/or multi-state operations of a size and scale comparable to our credit union. Strong analytical background, excellent problem-solving skills, and the ability to work with complex datasets. Knowledge and understanding of regulatory risk and compliance challenges in the financial/banking sector. Understanding of the role risk and compliance functions can play in supporting business and strategic objectives. Excellent and demonstrable oral and written communication skills. Aptitude to ask questions in ways that enhance the clarity, quality, and reliability of information. Skilled at conveying ideas and facts orally and in writing using language the audience or reader will best understand. Ability to read, analyze and interpret the meaning of written information (i.e. legal documents, government regulations and professional publications) and apply it to existing processes to make timely informed decisions considering the relevant facts, goals, constraints, and risks. Proven track record of working well and influencing peers, as well as members of a senior management team. Experience interacting and working successfully with federal regulators. Flexible approach to new projects, requirements, and workplace demands. Proficiency in MS Word, Power Point and Excel is required. Impeccable ethical reputation and strong emotional intelligence.
