The Compliance Officer assists the VP/Compliance with the day-to-day compliance support for department leaders and stays current with credit union compliance requirements. Performs compliance audits and risk assessments for various functions within the credit union and works on projects to improve processes, procedures and other issues.
Possesses a working knowledge of all consurmer compliance regulations, including but not limited to Fair Credit Acts, Anti-Money Laundering Laws and other regulations that govern credit union operations, products and services.
Provides regulatory research, technical assistance, and interpretation of rules and regulations to business units. Ensures credit union is operating in compliance with all laws and regulations that govern its activities.
Recommends changes where appropriate. Assesses risk potential of current procedures and institutes new procedures that minimize risk and loss exposure.
Develops and implements a compliance review program to effectively review the credit union’s operations affirming adhereance to regulatory/legal mandates.Conducts compliance reviews of business units to reivew policies and procedures, verify adherence and confirm operations/activities are compliant. Identifies discrepancies, reports findings and works with management to resolve issues. May act as a liasan between the credit union and 3rd party auditors when compliance outsourcing is needed.
Analyzes new and pending laws that will affect the credit union's current operations. Apprises manager and applicable business units of findings. Identifies impact to operations, proposes alterations to ensure compliance and reviews management responses.
Understands and enforces public interest and consumer protection laws.
Advises management on compliance issues.
Works with the Credit Union’s VP Compliance to make sure all inter-department policies and procedures are being followed precisely.
Provides regular training for newly hired employees and other credit union staff, particularly when any state or federal laws change.
Responds to auditor and regulator requests and acts as a point of contact for all compliance related questions.
Develops and update policies and procedures, as needed, including forms and system input.
Maintains current compliance knowledge by keeping abreast of regulatory changes to policies, practices, regulations, and laws. Ensures compliance in areas of responsibility.
Review items addressed in previous internal audits and examinations.
Assists the VP/Compliance with documentation gathering and preparation for department internal audits and regulatory examinations, as necessary.
Monitors and ensures delivery of all required annual notices and disclosures.
Works with project teams that involve information disclosure and policy changes to inform staff of compliance requirements; develops and facilitates compliance training programs.
Reviews forms, products, Website, programs, and/or promotions to ensure compliance with all State and Federal rules and regulations.
Ensures that any change in a compliance policy or procedure is communicated to impacted departments, or the organization as a whole, with clarity.
Assists the VP/Compliance with special projects. This may also include backing up other Compliance staff.
Monitors and disseminates information on regulatory matters affecting the credit union, as directed by the VP/Compliance.
Assists with the administration of the vendor management program, including administering the vendor management system, quickly processing requests, resolving issues and responding to vendor managers’ inquiries.
Assists with the Credit Union’s BSA Program. Reviews suspicious activity, conducts investigations, monitors accounts and takes appropriate action.
Assists with preparations for regulatory exams and audits, as appropriate.
Identifies reports and escalates key compliance risks and issues to senior management and the VP/Compliance, as appropriate.
Keeps abreast of vendor management guidelines, BSA, AML, OFAC as well other regulatory requirements that affect the credit union.
Bachelor's degree in accounting, finance, or business administration, (or equivalent combination of education and relevant compliance experience).
Minimum five years compliance/audit experience in a financial institution is required.
Ability to retain a broad knowledge of tasks performed in the operations functions.
Ability to retain a broad knowledge of lending related compliance knowledge.
Ability to analyze and organize financial information and perform financial calculations.
General knowledge of operations regulations, banking laws, and accounting practices.
Ability to work with minimal supervision while performing duties.
Ability to communicate in a professional and effective manner with all levels of staff, members, and vendors.
COMMUNICATION SKILLS: Must have excellent written and verbal communications skills. Ability to effectively communicate information and respond to questions in person-to-person and small group situations with customers, clients, general public and other employees of the organization.
REASONING SKILLS: Good analytical skills including the ability to define problems, collect data, establish facts, and draw conclusions. Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.
SOFTWARE SKILLS: Excellent oral and written skills required. Above average computer skills required including Microsoft Office, emphasis on Excel and various report writing skills
DECISION MAKING: Performs work operations that permit frequent opportunity for decision-making of major importance, either of which would affect the work operations of small organizational component and the credit union's members.
401(K) (after 6 months of employment)
PTO (Paid Time Off)
Tuition Reimbursement (after 1 year of employment)
Medical Insurance (available at reduced cost to employees)