Job Information
Main Street Bank VP, Compliance & CRA Officer in Marlborough, Massachusetts
VP, Compliance & CRA Officer
Job Details
Level
Experienced
Job Location
26 Forest St Operations - Marlborough, MA
Position Type
Full Time
Salary Range
$110,000.00 - $125,000.00 Salary/year
Job Category
Banking
Description
Title: VP Compliance & CRA Officer
FLSA Status: Exempt Employment Status: Full Time
Department: Compliance/Risk Location: Operations Center/ Hybrid Eligible
Reports To: EVP Strategy & Risk
Date Prepared: April 11, 2024 Human Resources Review: May 17, 2024
SUMMARY:
Reporting to the SVP of Strategy and Risk, the Compliance Officer supports the Bank’s Compliance Program by providing subject matter expertise in consumer compliance to all departments Responds to compliance questions, monitors changes in compliance laws and regulations to provide appropriate guidance to affected business units, creating implementation plans for any regulatory or product/service changes; assists business units with creating and managing appropriate controls, keeping affected policies and procedures current, assisting departments with ongoing monitoring activities, conducting compliance monitoring or reviews, and assists in the development and delivery of customized compliance training. Chairs the quarterly Compliance Committee, assist with the coordination of compliance related internal audit, track findings, assists the Head of Department in preparing reports to regulators, management, and any board or internal committees as applicable ensuring resolution to all items. Provides guidance to the bank’s efforts for the Community Reinvestment Act and various other aspects of compliance regulatory reporting including the Home Mortgage Disclosure Act. Chairs the quarterly Community Reinvestment Act (CRA) Committee and leads with a vision for a model CRA program.
Additionally, it is expected that this position assists with projects that affect the department and the bank, act as a resource for other team members in the Enterprise Risk department and embrace the established sales and service culture to maximize their contribution to the Bank’s goals.
After successful completion of training and proven abilities, this position is eligible for a hybrid work arrangement with availability expected during core business hours and agreed upon number of days per-month on site. Fully remote work arrangements may be considered on a case-by-case basis.
ESSENTIAL DUTIES and RESPONSIBILITIES:
In the performance of respective tasks and duties, the employee is expected to successfully perform quality work within deadlines with or without supervision, interact professionally with other employees, customers, and suppliers; work effectively as a team contributor on all assignments and work independently while understanding the necessity for communicating and coordinating work efforts with other employees and organizations.
Keeps abreast of regulatory and legal developments governing institution operations, products, and services, analyzes new and pending laws and regulations directly affecting institution's practices and serving as a subject matter expert.
Monitor changes in laws, regulations, enforcement actions and examination trends.
Disseminate information to various departments regarding new or amended related laws and regulations.
Plans, coordinates, and evaluates the institution's programs to ensure compliance with applicable laws and regulations.
Conducts periodic testing of institution's compliance with laws and regulations and develops corrective action plans.
Assists with special projects dealing with various compliance issues such as anti-money laundering, information disclosure, deregulation, etc.
Assists in the assignment of responsibilities across all departments when it comes to maintaining compliance with applicable laws and regulations.
Assists in the assignment of performance targets in connection with the Community Reinvestment Act Plan and the delegation of responsibilities within the organization of who can execute on them.
Demonstrates leadership in maintaining connections with the non-profit and affordable housing community.
Assist with the development and maintenance of the Bank’s regulatory compliance management system.
Assist with any reporting necessary to fulfill the objectives of the Compliance Program.
Chair the quarterly Compliance Committee. Developing the agenda and coordinating various aspects of discussion items with all departments ahead of time and preside over the meeting.
Responsible for the coordination of compliance related internal audit, tracking of findings, and ensuring resolution to all items.
Manage all related testing and monitoring to monitor Lending and CRA departments for compliance with consumer and other applicable lending laws/regulations.
Prepare monitoring reports, discuss the results with management, and track remediation as appropriate.
Work as appropriate with all departments, or independently to create and manage implementation plans for all regulatory changes and serve as a compliance resource for other departments’ implementation plans related to system, product, and service changes.
Work with the consumer and commercial lending areas to ensure implementation of regulatory changes per implementation plans, including the creation or revision of policies and procedures, controls, testing, evaluation, and detailed documentation.
Work with business units and training personnel, as needed, to ensure the development and delivery of high quality, innovative lending compliance training.
Participate in product/service development, act as subject matter expert for the business line to ensure that regulatory risks are considered prior to implementation of new or revised products or services.
Support residential and commercial lending for compliance related inquiries and research.
Assist in an annual compliance risk assessment and review of the overall Compliance Program.
Maintain working knowledge of FNMA, FHLMC, Mass Housing and other secondary market guidelines, including implementation of new/revised requirements affecting appraisals, loan quality initiatives and quality control, etc.
Facilitate Second Review Committee for reviewing proposed loan denials for fair lending monitoring purposes.
Assist in the ongoing review of all Bank policies and procedures to ensure compliance.
Review regulatory or policy required loan forms, notices, disclosures, etc., assisting in their design/development or revision.
Review and approve all lending-related advertising, brochures, website, loan officer flyers, rate sheets, social media, and other marketing materials/initiatives to ensure compliance with applicable regulations.
Act as the primary liaison between the Compliance Department and the lending areas of the Bank maintaining a balance between prudent lending practices and the need to comply with Federal and State fair lending, consumer protection and other regulations.
Assist with coordinating materials and responses for examinations, internal or external lending audits and ad hoc regulatory inquiries.
Maintain an awareness of legal and regulatory developments; participate in trade associations, initiate, and maintain contact with colleagues and legislators and study trade publications, regulatory rulings and interpretations, as well as regulatory and legislative proposals.
Ensure appropriate fair lending analysis is performed.
General:
Effectively use tools and systems to be able to self-manage, organize, and complete work independently, proactively recognizing potential obstacles resolving them before they become an issue, managing to deadlines, creating action plans when not on track, enabling job functions to happen with minimal oversite and meeting conditions of satisfaction.
Adhere to all company policies and act as a role model in the adherence to policies, consistently demonstrating our core values and service standards.
In the performance of respective tasks and duties, the employee is expected to maintain knowledge of and ensure compliance with Bank Secrecy Act regulations and adheres to compliance procedures and internal/operational risk controls in accordance with all applicable regulatory standards, requirements and policies as well as attending all required training sessions and completing all required on-line training courses.
Regular and consistent attendance is required to continue the high standard of customer service as well as occasionally participating in before/after hours and/or weekend community events.
Other duties as assigned, performing similar or related work as directed, required, or as situation dictates.
SUPERVISORY RESPONSIBILITIES:
In alignment with our Core Values, Lean Principles direct staff according to business needs, and established goals/objectives that are aligned with the Strategic Plan.
Supervises assigned staff, schedule and assign work, weight competing priorities directing staff according to business needs and established goals and objectives, identify and providing training to ensure professional development of team members; provide challenging opportunities that enhance career growth recognize and reward employees for accomplishments.
Create an inclusive work environment that encourages and rewards performance while recognizing individual needs and skills, working towards shared goals, contributing ideas, and accepting change.
Proactively seek out coaching/training opportunities for self and for the team to help with growth and advancement within the Main Street Bank team.
Monitor departmental procedures, making necessary changes to increase productivity and improve efficiencies – Communicating these changes to all stakeholders.
Monitor the day-to-day operations of the department to ensure all necessary tasks are complete and accurate, providing general guidance and supervision of the team’s goal management.
Ensures training and guidance to others in the department on new and existing processes.
Responsible for achieving strong results, despite balancing multiple complex demands.
Promotes and enhances the corporate culture and fosters the development and implementation of organizational vision, policies, and guidelines.
Monitor and ensure approval of bi-weekly timecards, review and approve time off requests for all members of the team always ensuring adequate coverage of department.
Completes timely checkpoints providing candid, and constructive performance feedback, recommends employment decisions, coaches, counsels, disciplines, and develops staff as necessary.
LEVEL OF RESPONSIBILITY:
Work is non-routine, complex and analytical. Interacting independently with members of the community, and along all staff levels and with complex and proprietary information.
The position is relied upon to provide subject matter content within the organization.
Influence as subject matter expert to help guide the leadership team in risk related decisions.
Participates in developing and executing change management and contributes to the strategic alignment impacting to the critical goals of the Bank.
This position has a direct impact on the safety & soundness of the organization.
EQUIPMENT REQUIRED:
Smart Phone - To enable the MFA (Multi Factor Authentication) facilitating access to MSB systems .
HYBRID/REMOTE ENVIRONMENT:
Your physical remote location must provide a dedicated workspace that is free from distraction and provides adequate light to be regularly visible on video calls.
You must have access to a reliable internet connection with adequate bandwidth to join Teams and other video calls.
SKILLS REQUIRED:
Progressive regulatory experience in either a bank lending compliance function or with a bank regulatory agency in a position which reviews lending compliance. CRCM or equivalent accreditation preferred Knowledge of generally accepted accounting principles.
Proven track record of working on compliance review projects, researching complex compliance issues, and/or answering detailed compliance questions within short deadlines set by others.
Proficiency in interpreting and analyzing impact of federal and state regulations, with proficiency in consumer and other lending regulations required.
Proven proficiency with TRID and HMDA required.
Working knowledge and understanding of FNMA, FHLMC, Mass Housing and other secondary market guidelines. Underwriting experience is a plus.
Experience performing compliance reviews/audits for a financial institution.
Experience in developing and delivering compliance or other technical training.
Working k nowledge of regulatory compliance management systems, Encompass, and D+H LOS/POS systems preferred.
Proficient in Microsoft Office Suite products
Solid understanding and application of administration activities with an understanding of office procedures and ability to operate standard office equipment.
Means and mode to travel to any of Main Street Bank’s locations as needed.
COMPETENCIES
Strategic thinking, creativity, resourcefulness and negotiating skills.
Natural leader with responsive and positive communication (written & verbal), effective relationship management techniques and interpersonal skills, ethics, and cultural awareness to build strong relationships with direct reports and cross-functional teams throughout the organization.
Ability to work under pressure and meet established goals and objectives, even under changing situations.
Ability to manage multiple complex priorities and competing agendas without express authority over delivery teams.
LANGUAGE/COGNITIVE SKILLS:
The person in this position frequently communicates with all departments, Directors, Officers and occasionally with customers, about banking products and services, and therefore must be able to exchange accurate information in these cases. They will need to use judgment and discretion in decision making situations, interpret and follow all Bank policies and procedures, write/create reports, and business correspondence, (Main Street Bank’s standard language is English). As well as the ability to:
Speak and effectively present/communicate information and respond to questions from customers, groups of managers, Board of Directors, vendors, and other employees.
Define problems, collect data, establish facts, and draw valid conclusions.
Read, analyze, and interpret a variety of documents such as disclosures, contracts, Federal & State Regulations, Legislation and Bank policies and procedures.
WORKING CONDITIONS AND PHYSICAL EFFORT:
The physical and work environment demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is required to:
Physical Demands/Efforts
Occasionally lift and/or move up to 25 pounds, (i.e. files, boxes of files)
Regularly required to remain in a stationary position, greater than 50% of the time
Occasionally required to stoop and bend.
Mental & Visual Demands
Consistently operate a computer for extended periods of time
Specific vision abilities may be required by this job include close vision, distance vision, peripheral vision, depth perception, and ability to adjust focus.
Regular use of office productivity machinery (i.e., a calculator, copy machine, fax machine, computer printer).
Work Environment and Hazards
Occasionally move throughout the inside the Bank to access resources and individuals.
Occasional local travel for bank purposes and/or on behalf of the bank (i.e., inspections, trainings).
The employee must be able to work schedules that meet the needs of the bank, which may include early morning, evening and/or weekend hours.
It is a general office environment where the noise level is moderate.
Qualifications
The completion of this Application for Employment does not assure a position with Main Street Bank and any offer of employment is conditioned on the satisfactory completion of a background and credit review as determined by the sole discretion of Main Street Bank. Neither this Application for Employment nor any document constitutes a contract of employment for a specific term and that any employment relationship that may be established will be 'at-will' and if hired, may be terminated at any time, for any reason, by the applicant or Main Street Bank.
Massachusetts Law - It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
Massachusetts General Laws c. 151B prohibits employers from (1) terminating or refusing to hire individuals on the basis of genetic information; (2) requesting genetic information concerning employees, applicants, or their family members; (3) attempting to induce individuals to undergo genetic tests or otherwise disclose genetic information; (4) using genetic information in any way that affects the terms and conditions of an individual’s employment; or (5) seeking, receiving or maintaining genetic information for any non-medical purpose.
Main Street Bank is an Equal Opportunity Employer, we are committed to recruiting, hiring, training, and promoting persons without regard to race, color, religion, national origin, citizenship, age, sex, marital status, ancestry, physical or mental disability, veteran status, sexual orientation, military service, genetic information, and gender identity.