Fair Lending and Compliance Specialist is primarily responsible for administering monitoring programs under the Company’s compliance management system to assist in managing compliance and fair lending risk across the organization. The Compliance and Fair Lending Specialist will assist in monitoring performance through proactive evaluation of data relative to area demographic and peer data, using that analysis to drive recommendations for fair lending and fair banking performance objectives. The successful candidate will have a working knowledge of federal and state regulations affecting financial institutions.
- Responsible for administering the Fair and Responsible Banking Program, including compliance training and monitoring and testing in the areas of Fair Lending and UDAAP compliance.
- Completes annual risk-based compliance monitoring schedule developed by the Chief Compliance Officer and Compliance Committee to ensure compliance with federal and state regulations and company policies.
- Assists in conducting risk assessments, identifying mitigating controls, and the development of management reporting.
- Completes evaluation, monitoring and documentation of fair lending data, consumer complaints, and supporting program documentation to effectively identify trends and perform root cause analysis.
- Support CRA Performance to stated CRA strategic goals.
- Continuously demonstrates strong analytical ability to research and interpret regulations and regulatory guidance, including CRA, HMDA and Fair Lending regulations and guidance.
Essential Duties and Responsibilities:
- Assists in development, implementation, and administration of all aspects of the Bank’s Fair Lending and Fair Banking Compliance Program, consulting and guiding the Bank in the establishment of controls to mitigate fair banking risk and ensure compliance with federal and state fair banking and responsibility- related laws and regulations.
- Supports the Compliance Management System established by the Chief Compliance Officer (CCO) to ensure compliance with applicable consumer banking and regulatory requirements by completing compliance testing and quality control reviews using established monitoring procedures to determine effectiveness of internal controls within the business units. Monitoring includes, but is not limited to, loan and deposit regulations, Home Mortgage Disclosure Act and CRA Data reviews, and fair lending analysis.
- Conducts Fair Lending and UDAAP Risk Assessments, and participates in emerging risk identification, reviews fair lending and fair banking related policies, and reviews control design and adequacy.
- Analyzes program performance through monitoring, peer data analysis, and testing program elements for evidence of redlining; perform monitoring for steering, discrimination, and unfair, deceptive or abusive acts or practices.
- Provides compliance-related advisory services to branch and department units, consulting with senior management and other bank personnel to identify and mitigate potential risks to the Bank.
- Supports the Compliance Officer and CRA Specialist to ensure success in achieving satisfactory CRA performance through ongoing evaluation and monitoring of performance to stated goals.
- Serves as a resource for regulatory matters and compliance related initiatives and responds to questions from business units regarding interpretations of regulatory requirements and applicable guidance.
- Supports the Compliance team in preparing for and managing Compliance audits and examinations and tracking any noted exceptions to resolution.
- Provides recommendations and support for periodic training plans in order to address areas of weakness noted, as well as current trends identified by regulatory agencies.
- Maintains and enhances knowledge of regulatory compliance requirements by participating in workshops, webinars, conferences, meetings, and by reading professional literature.
Expected Experience, Skills and Education:
- Minimum of three years of banking-related compliance experience required. CRCM related certification preferred.
- Bachelor’s degree from a four-year college or university preferred
- Expert knowledge and skillset of all applicable fair lending and responsibility laws, rules, and regulations, including, but not limited to the Equal Credit Opportunity Act (ECOA), Home Mortgage Disclosure Act (HMDA), Fair Credit Reporting Act (FCRA), Fair Housing Act (FHAct), Community Reinvestment Act (CRA), Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) and State and local Fair Lending Laws and Regulations.
- Expert knowledge of bank regulatory examination procedures and techniques and other fair lending/fair banking resources.
- Experience with conducting risk assessments, identifying mitigating controls, and development of management reporting for managing fair lending/fair banking risks.
- Thorough working knowledge of bank operations and banking policies and procedures.
- Ability to work well independently and as a team player; collaboratively interface with other departments.
- Highly resourceful and self-motivated; strong problem-solving skills and ability to think critically.
- Ability to maintain a high degree of accuracy and attention to detail.
- Excellent written and verbal communication skills.
- Basic knowledge of and proficiency with Microsoft Word/Excel is required.
Additionally, all employees are expected to demonstrate the following Core Competencies:
Professionalism – acting with responsibility, integrity and accountability; demonstrating consistent trustworthiness and reliability; always remaining flexible, adaptable and willing to accept coaching; building and managing professionally healthy relationships; deliberately managing career decisions; and continually developing awareness of business-related topics.
Communication – understanding various active and passive tools and styles and their effects; and exhibiting appropriate, effective, timely use of tools and styles to connect, collaborate, facilitate teamwork and serve customers.
Work Quality – demonstrating an ongoing commitment to compliance, safety and security; executing work with efficiency, a sense of urgency and attention to detail; and displaying organized work practices and a results-oriented mindset.
Analytical Ability – navigating work-related circumstances with practical, sound reasoning; and demonstrating creativity in problem solving.
Leadership – displaying good judgment and certainty in decision making; taking initiative with job-related demands; demonstrating innovative thinking and sound planning with business practices; managing individual performance toward shared organizational goals; and thinking strategically to set and accomplish goals.
Merchants Bancorp and its affiliates and subsidiaries are committed to being equal opportunity employers. All job candidates and incumbents will be assessed based on only criteria relevant to successfully performing the job as defined in this job description and as generally accepted in the job’s relevant industries.