Compliance and CRA Officer

at Banterra Corp in Marion, Illinois, United States

Job Description

SUMMARY

The Compliance & CRA Officer provides essential leadership for the bank’s compliance program ensuring it aligns with all applicable laws and regulations.  This role is crucial for mitigating risk by leading the design, implementation, monitoring, training and overall compliance initiatives companywide.

An excellent communicator with a deep knowledge of industry regulations and best practices, the ideal candidate should possess strong leadership skills, confident decision-making abilities, and sound judgement.

Overall, the Compliance & CRA Officer is responsible for the overall monitoring and administration of the bank’s compliance program. They work with internal and external customers at all levels to mitigate risk to the organization, perform essential monitoring and reporting, and ensure appropriate knowledge- sharing and training of staff.

All employees are expected to protect the information and assets of the organization through heightened awareness of information security, cybersecurity, and risk management best practices, as well as complying with all applicable laws, regulations, and organizational policies.

ESSENTIAL DUTIES

• Develop, implement and maintain a compliance management system (CMS) and associated policies and procedures.
• Oversee all regulatory compliance including a broad range of federal, state and local laws and regulations covering consumer protection including but not limited to fair lending, data privacy and operational safety and soundness.
• Monitor and administer a comprehensive training program for the bank’s policies and procedures, as well as all applicable federal and state laws or regulations, consulting with the Learning & Development team as appropriate to ensure optimal learning outcomes.
• Conduct regular, in-depth risk assessments to identify, evaluate and prioritize compliance risks across all business lines, products and services.
• Implement risk management strategies and develop corrective actions for any identified compliance issues.
• Serve as the bank’s Compliance Officer and CRA Officer providing subject matter expertise for internal stakeholders.
• Stay current on emerging compliance risk areas such as artificial intelligence, digital banking, cryptocurrency, cybersecurity, data privacy and third-party vendor management.
• Participate in the bank’s annual Risk Assessment to assist in determining risk levels of bank functions for audit planning purposes.
• Prepare and present periodic reports to the Board of Directors, or its designee, Compliance Committee, and management concerning the Bank’s current record of compliance, including an assessment of performance in the area of community reinvestment.
• Where appropriate, coordinate with federal and state regulatory agency examiners during compliance examinations and safety and soundness exams. Furnish examiners with requested information and act as one of the liaisons.
• Monitor and ensure the bank’s compliance with the technical requirements of the Community Reinvestment Act including maintaining the bank’s public comment file and required notices.
• Ensure that reports to federal and state regulatory agencies are complete and filed on a timely basis, serving as the primary contact for the regulatory agencies in issues relating to compliance.
• Develop and deliver an effective annual training and awareness program related to regulatory compliance for all team members, management and Board of Directors, or its designee.
• Communicate complex regulatory requirements clearly and concisely to diverse stakeholders throughout the bank.
• Promote a transparent and ethical mechanism for all compliance related issues.
• Manage compliance violations, including root cause analysis, and assisting with corrective measures.
• Review and revise the bank’s forms and disclosures for compliance with applicable laws and regulations. Work with counsel and others in developing contracts, forms, and/or disclosures that meet the needs of the bank and comply with all applicable laws and regulations.
• Partner with business leaders on new product offerings and strategic initiatives to embed compliance from the earliest stages of development.
• Collaborate with other departments such as Legal, Information Security, BSA/AML, and Operations to integrate compliance into daily decision making and business processes.
• Assist other team members in processing legal service, levies, garnishments, etc.
• Set performance goals, conduct regular performance evaluations, and provide consistent, constructive feedback to direct reports.
• Develop and maintain positive relationships with internal customers at all levels of the organization, collaborating with other departments as appropriate.
• Assume responsibility for special projects and tasks as assigned.

EDUCATION & CERTIFICATIONS

• Bachelor’s degree in Accounting, Finance, Business Law, a related field, or a commensurate combination of education and experience required.
• A minimum of seven years of experience in regulatory compliance examination, compliance auditing, or a related field required.

MINIMUM REQUIREMENTS

• Expertise in economic, accounting, finance, and lending risk and fraud principles and practices.
• Thorough knowledge of key federal regulations, including Fair Lending laws, and other consumer protection regulations.
• Strong ability to interpret complex regulatory text, identify risks, and develop mitigation strategies.
• Excellent verbal and written communication skills, with ability to effectively present complex issues to team members, executives, and regulators.
• Experience with compliance management software.
• Meticulous approach to reviewing transactions, policies and regulatory requirements and completeness.
• Demonstrated understanding of ethical business principles and practices with extensive knowledge of regulatory compliance examination and compliance auditing.
• An analytical mindset with exceptional problem-solving abilities.
• Ability to interpret various ratios and relationships inherent in common or specialized financial and data-driven reports.
• Successful project management and strategic planning experience with a substantial record of managing projects, setting goals, developing timelines, and monitoring progress.
• Leadership experience and the ability to manage a team of direct reports.
• Excellent communication skills and the ability to communicate effectively, verbally and in writing, with internal and external customers at all levels.
• A positive and proactive approach to work, demonstrating enthusiasm, adaptability, and the ability to maintain composure and professionalism in stressful or adverse conditions.
• Confident decision-making abilities and the skill to use sound judgment about the timing of choices; particularly the ability to make informed, responsible decisions with limited information or under considerable amounts of stress.
• Strong critical-thinking skills and the ability to analyze potential project outcomes with the adaptability to redirect attention as needed to meet targets and deadlines.
• Ability to complete standard calculations and apply basic mathematical concepts in practical situations.
• Proficient computer literacy, including comfort with Microsoft systems and Office Suite.
• Intermediate typing skills to meet the needs of this position.
• Current driver’s license and reliable transportation with appropriate insurance coverage; additionally, the ability to drive occasionally in the course of performing assigned duties and responsibilities.
• The ability to work with minimal or no supervision.

ADDITIONAL QUALIFICATIONS

• Master’s degree in Accounting, Finance, Business law, or a related field preferred.
• Professional certification(s), such as Certified Regulatory Compliance Manager (CRCM) preferred.
• Experience working in a financial institution with assets exceeding $1B strongly preferred.

PHYSICAL DEMANDS AND WORK ENVIRONMENT

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the functions.

While performing the duties of this position, the employee is regularly required to talk or hear. The employee frequently is required to use hands or fingers; handle or feel objects, tools, or controls. The employee is occasionally required to stand; walk; sit; and reach with hands and arms. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this position include close vision, distance vision, and the ability to adjust focus. The noise level in the work environment is usually low to moderate.

NOTE

This job description in no way states or implies that these are the only duties to be performed by the employee(s) incumbent in this position. Employees will be required to follow any other job-related instructions and to perform any other job-related duties requested by any person authorized to give instructions or assignments.

All duties and responsibilities are essential functions and requirements and are subject to possible modification to reasonably accommodate individuals with disabilities. To perform this job successfully, the incumbents will possess the skills, aptitudes, and abilities to perform each duty proficiently.

Some requirements may exclude individuals who pose a direct threat or significant risk to the health or safety of themselves or others.

The requirements listed in this document are the minimum levels of knowledge, skills, or abilities. This document does not create an employment contract, implied or otherwise, other than an “at will” relationship.

The company is an Equal Opportunity Employer, drug-free workplace, and complies with ADA regulations and other laws/regulations as applicable.