Compliance Officer

Employer
PenFed Credit Union
Location
Alexandria, VA
Posted
Sep 13, 2021
Closes
Sep 15, 2021
Ref
86392611
Function
IT, QA Engineer
Hours
Full Time
The primary purpose of this job is to use well-developed knowledge of regulatory compliance requirements to advise business units on how to market, originate, and service financial services products in compliance with federal banking requirements. Provide recommendations that inform key business decisions and assist in providing solutions to business challenges. Provide guidance on new policies, procedures, and proposals and recommend solutions to routine business challenges. Conduct routine testing to ensure the credit union is adhering to federal banking requirements. PenFed is hiring a Compliance Officer at one of the following locations: Alexandria, Virginia; Tysons, Virginia; Eugene, Oregon; Omaha, Nebraska and Papillion, Nebraska. The primary purpose of this job is to use well-developed knowledge of regulatory compliance requirements to advise business units on how to market, originate, and service financial services products in compliance with federal banking requirements. Provide recommendations that inform key business decisions and assist in providing solutions to business challenges. Provide guidance on new policies, procedures, and proposals and recommend solutions to routine business challenges. Conduct routine testing to ensure the credit union is adhering to federal banking requirements. Responsibilities Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.Demonstrate abilities in problem-solving and analysis by reviewing business unit questions and/or process, applying a well-developed knowledge of federal banking regulatory requirements, and providing feedback on compliance risk to all levels of PenFed's organization.Responsible for maintaining the compliance mailbox to ensure prompt compliance review of business unit questions, advertisements, marketing materials, and procedures.Act as the subject matter expert for the compliance aspects of new product and service development projects to ensure that regulatory compliance requirements are understood and incorporated throughout the product's life cycle.Periodically lead projects or efforts to implement new regulations or correct compliance deficiencies. Assess new or continuing third-party vendors and formulate recommendations for PenFed's management as to the compliance and/or reputation risk-level of the new or continuing relationships.Conducts periodic transaction testing of assigned products, services and processes in order to determine whether PenFed is originating and servicing its products in compliance with federal banking requirements. Includes obtaining data samples, creating checklists and drafting reports of results and observations.Exercise judgment to perform root cause analyses and system testing to ensure adherence to federal banking requirements.Tracks outstanding items identified through compliance transaction testing and sends reminders to business units as needed for follow-up.Identify compliance and reputational risks associated with online banking, social media, product and system changes where products and services are promoted and transactions are performed.Research consumer complaints as assigned and coordinates a timely response from the line of business. Coordinates and administers complaint tracking efforts for the compliance team.Uses experience and judgment to call out key trends observed in compliance transaction testing and/or complaint reviews and identify opportunities to reduce compliance risk. Serve as the Liaison for internal and external audits.Assist with maintaining compliance with all applicable federal, state and local laws, regulations and ordinances by abiding by credit union's compliance program and all policies, procedures, rules and regulations.Maintain up to date knowledge of current regulations and upcoming regulatory changes.Establishes and maintains working knowledge of key business processes within the business area the officer is assigned to support.Balance multiple priorities and adapt to constantly changing business environmentWork independently to meet deadlines in a fast-paced environment.*This role is responsible for ensuring business continuity.* Qualifications Equivalent combination of education and experience is considered. Bachelor's Degree or a combination of education and related work experience that provides the necessary skills and knowledge to satisfactorily perform the essential job functions is required.Compliance competency certification such as National Association of Federally Insured Credit Unions' NAFCU Certified Compliance Officer (NCCO) or the American Bankers Associations' Compliance Certified Regulatory ComplianceManager (CRCM) designation required, or designation must be obtained within twelve months of starting the position.Minimum of six-plus (6+) years of work experience in banking or credit union operations that provide a working knowledge of products, services, systems, operational policies and procedures, and regulatory compliance issues is required.Minimum of three-plus (3+) years of experience in a position at either a financial institution or bank regulatory agency that was responsible for transactional testing of regulatory compliance matters and/or reviewing processes, policies, procedures and accounts to determine compliance with federal banking requirements.Well-developed knowledge of consumer banking regulations and regulator expectations for an effective compliance program is required. Must have direct knowledge and experience with deposit, lending and credit laws and regulations, including but not limited to RESPA, Fair Credit Reporting Act, Fair Lending laws, Regulations B, E and Z, Home Mortgage Disclosure Act (HMDA), Truth in Savings, and the SAFE Act.Experience in problem solving and analysis: identifies issues, analyzes information to assess root cause and relationships, risks, and potential risk responses.Experience using MS Word and Excel.Supervisory ResponsibilityThis position will not directly supervise employees Licenses and CertificationsCompliance competency certification such as National Association of Federally Insured Credit Unions' NAFCU Certified Compliance Officer (NCCO) or the American Bankers Associations' Compliance Certified Regulatory Compliance Manager (CRCM) designation required, or designation must be obtained within twelve months of starting the position.Work EnvironmentWhile performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.* TravelAbility to travel to various worksites and be on-call may be required. Special Message Regarding COVID 19 PenFed is continuing to hire and train exceptional individuals to help us serve our 2 million members both here and around the world. In light of the current situation with novel coronavirus (COVID-19), we have modified our hiring, onboarding, training, and deployment protocols in order to comply with current local and state guidance around social distancing. About Us Established in 1935, PenFed today is one of the country's strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day. We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more. Equal Employment Opportunity PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same. PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 240-224-4256. #LI-CP1