The Compliance Officer ensures adherence to all regulatory requirements and maintains the integrity of our Compliance Management System. This role involves collaborating with various departments to monitor and enforce compliance with regulations from federal, state, and local agencies. Responsibilities include formulating risk assessments, overseeing reviews, making recommendations to strengthen policies, staying updated on legislative changes, preparing for audits, conducting regulatory training, and managing specific compliance functions. The Compliance Officer serves as the primary contact for compliance\-related inquiries, playing a vital role in maintaining the Bank's reputation and operational integrity.
Duties and Responsibilities:
- Overseeing the Bank’s Compliance Management System, working with other bank departments to ensure the Bank is compliant with all regulatory agencies.
- Formulating applicable risk assessments and oversight regarding applicable reviews. This includes making recommendations on an on\-going basis to strengthen policies and procedures associated with the Compliance Management System.
- Monitoring the on\-going landscape of legislative and regulatory changes, as well as emerging risks affecting the Bank’s compliance program.
- Assisting in the assessment of risk and the need for potential changes to policies and procedures for various departments.
- Working closely with regulators and auditors in preparing for external audits and examinations.
- Developing, managing, tracking, and conducting applicable regulatory training for employees.
- Managing the Community Reinvestment Act, Fair Lending processes, and the Flood Insurance Act.
- Monitoring and reviewing all Home Mortgage Disclosure Act/Community Reinvestment Act (Small Business) related processes and data reporting requirements.
- Implementing and managing Section 1071 compliance.
- Reviewing and giving feedback on product development and marketing materials.
- Serving as the primary contact for compliance\-related questions for all Bank departments and staff.
- Ensuring required compliance training is completed with all applicable staff, conducting training regarding rule changes, new information, or in response to errors identified through compliance testing reviews.
- Reviewing operational, lending, and deposit areas for compliance with applicable regulations (based on the scope established by the Federal Deposit Insurance Corporation Compliance Examination Manual).
- Reviewing all communications from Federal Deposit Insurance Corporation, State Banking Associations, prior contacts with third parties, etc., and assessing potential effects on Bank policies and processes; facilitating discussions with staff to determine such effects.
- Conducting pre\-closing quality control reviews of loan files (after receipt of final approval from underwriter and prior to closing) to ensure that the file meets sale eligibility. Ensuring that review processes follow our Quality Control Policy. Identifying post\-closing samples in line with Quality Control Policy. Reviewing investor requirements/updates and adjusting review processes accordingly. Assisting in responding to investor requests and any other quality control issues identified.
- Reviewing monthly loan meeting minutes to determine potential for Community Development credits.
- Running business analytics reports and comparing data to that prepared by Loan Processing. Performing data scrubs and annually reporting to the Federal Reserve System and the Consumer Financial Protection Bureau.
- Completing and/or coordinating completion of pre\-examination questionnaires and request lists with examiners. Resolving questions, findings, implementing processes in response to recommendations, and tracking completion of those objectives.
- Providing ongoing coaching and mentorship to staff, fostering a culture of continuous improvement.
- Identifying training needs and implementing effective training programs to support employee development.
- Monitoring and evaluating employee progress, providing constructive feedback and support.
- All other duties as assigned.
- Bachelor's degree in finance, business administration or a related field.
- Experience in managing compliance functions related to the Community Reinvestment Act, Fair Lending, Flood Insurance Act, Home Mortgage Disclosure Act/Community Reinvestment Act, and Section 1071\.
- Strong Microsoft Office skills.
- Ability to develop and implement compliance programs and conduct compliance training.
- Expertise in conducting pre\-closing quality control reviews and post\-closing sample identification.
- Excellent analytical and critical thinking skills.
- Effective communication and people skills.
- Ability to work collaboratively with various departments and external auditors.
- Meticulous with strong organizational skills.
Required Skills: