The Compliance Officer is responsible for coordinating the credit union’s overall compliance with applicable laws, rules, regulations and statutory requirements. This is accomplished through implementation of a Compliance Program and performance of the primary duties and responsibilities listed below. The Compliance Officer will work with Senior Management to accomplish the overall compliance function.
Major Tasks, Responsibilities and Key Accountabilities
- Keep abreast of, monitor, and analyze developing trends and changes in regulatory compliance laws, rules, and regulations, state and national legislation and advise affected senior management of the operational impact of such trends and changes. Facilitate implementation of new regulations and regulatory changes as necessary.
- Participate in, and review proposed changes, to credit union policies and procedures for compliance with applicable regulatory and consumer/public interest laws, rules and regulations, and provide recommendations for any necessary changes.
- Coordinate with the appropriate departments, assist, and/or conduct compliance training for all applicable new and existing employees on an ongoing basis. This training program will effectively address the requirements of applicable laws and regulations, the credit union’s related policies and procedures, and employee responsibilities.
- Conduct research of individual regulatory-related matters, identify and communicate regulatory compliance deficiencies or potential problems, and provide guidance in the development of alternative solutions or implementation of corrective action. Provide written responses (as applicable) to inquiries of a regulatory nature, supporting analysis, conclusions and recommendations upon well investigated and documented research of regulatory requirements.
- Participate in new product development when requested and provide input regarding compliance concerns relevant to proposed and current products and services offered by the credit union.
- Report as appropriate, regulatory matters, concerns, and/or the overall compliance condition of applicable divisions, departments, operations or functions within the credit union to the credit union’s General Counsel or designees.
- Review and advise on the development of credit union forms, marketing materials, agreements, and disclosures to ensure compliance with applicable laws, rules and regulations. Interface with legal counsel to ensure that the terms and conditions set forth in forms and disclosures are accurate, complete and meet the needs of and properly protect the credit union.
- Review system upgrades, when notified, that affect compliance and provide comment as to whether the upgrades comply with applicable regulation.
- Function as the primary liaison with federal examiners during compliance related examinations, ensure that compliance issues are adequately addressed with internal, external and NCUA auditors, and monitor corrective action of any compliance deficiencies identified in regulatory reports of examination.
- Must respect the confidential nature of information received, be alert to the possibility of intentional wrongdoings and conditions and activities where irregularities are most likely to occur. Inaccuracy in job performance could expose the credit union to substantial risks and penalties associated with noncompliance.
- Responsible for following risk assessment policies for assigned area of responsibility.
- Must maintain up to date knowledge of all regulations that pertain to this position.
- Responsible for regular and reliable attendance at the workplace.
- Other duties.
- Bachelor’s degree in Finance, Business Administration, or a related field or four years of equivalent work experience.
- 5 years experience with credit union or other financial institution operating areas, function, products and services and the laws and regulations which apply to credit unions or other financial institutions.
- Must possess and maintain a valid state driver’s license and vehicle insurance.
- Satisfactory completion of pre-employment screening