REGULATORY COMPLIANCE OFFICER
Company: First Financial Federal Credit Union of Maryland
Location: Seven Valleys
Posted on: October 3, 2024
Job Description:
First Financial Federal Credit UnionJob Description Job Title:
Regulatory Compliance OfficerDepartment: Risk ManagementReports To:
Chief Risk OfficerSalary Grade(s): 12EEO-1 Job Class: 1.2 -
First/Mid Level Officials and Managers FLSA Status: Exempt?
Full-time? Part-time ? TemporaryLocation: Admin Center ? Telework
Work Possible (if checked) Important: See Telework Policy for
Additional Criteria Function: The Regulatory Compliance Officer is
responsible for ensuring that the credit union adheres to all
relevant regulations and laws, including federal and state
regulations, industry standards, and internal policies. This role
involves monitoring compliance practices, conducting audits and
quality reviews, and providing guidance to ensure the credit union
operates within the legal framework and maintains its reputation
for integrity and ethical behavior. The Regulatory Compliance
Officer will manage and maintain a comprehensive compliance program
and training manual to ensure compliance with all laws and
regulations. This role assists in the revision/design of forms,
contracts, agreements, and disclosures to ensure they are compliant
with federal and state laws and regulations. The Regulatory
Compliance Officer will recommend policy changes that will
facilitate the credit unions risk management program, safeguard the
assets of the credit union, and reflect current regulations. This
role will also follow up to ensure that new policies and procedures
are understood and implemented. Position Requirements: GENERAL:
- Strong understanding of credit union regulations, financial
industry compliance standards, and risk management practices
- Occasional travel to conduct training in branch or attend
conferences
- Onsite with remote flexibility EXPERIENCE:
- Minimum of 3-5 years of experience in compliance, regulatory
affairs, or a related field, preferably within the credit union or
financial services industry EDUCATION:
- Bachelors degree in business administration, finance, law, or a
related field
- Certification in compliance (e.g. Certified Regulatory
Compliance Manager (CRCM) is a plus
- Ability to obtain and maintain job-related certifications if no
job-related advanced degree
- Meet or exceed continuing professional education (CPE)
requirements An equivalent combination of education and experience
may be accepted as a satisfactory substitute for the specific
education and experience listed above. Duties: Regulatory
Compliance:
- Stay current with federal and state regulations affecting
credit unions, including the National Credit Union Administration
(NCUA) rules, Consumer Financial Protection Bureau (CFPB)
regulations, and other relevant legislation.
- Interpret and apply regulatory changes and ensure credit union
policies and procedures are updated accordingly.
- Prepare and submit required regulatory reports and filings.
Monitoring and Auditing:
- Conduct regular compliance audits and quality assessments to
identify potential risks and areas for improvement.
- Review and monitor credit union operations to ensure adherence
to regulatory requirements.
- Develop and implement compliance monitoring programs and
processes. Training and Education:
- Develop and deliver compliance training programs for credit
union staff to promote awareness and understanding of regulatory
requirements. Confirm that staff complete annually assigned
compliance training.
- Provide guidance and support to employees regarding compliance
issues and questions.Policy Management:
- Assist in the development and revision of credit union policies
and procedures to ensure they meet regulatory standards.
- Evaluate existing policies and recommend changes to enhance
compliance. Risk Management:
- Identify, assess, and mitigate compliance risks within the
credit unions operations.
- Collaborate with other departments to address and resolve
compliance-related issues and ensure effective risk management.
Reporting and Documentation:
- Prepare compliance reports for management and regulatory
agencies.
- Maintain accurate records of compliance activities, audits, and
training sessions. Internal and External Relations:
- Serve as the primary contact for regulatory agencies during
audits and examinations.
- Liaise with external auditors, legal advisors, and other
stakeholders on compliance matters. Adheres to regulations and
organizational policies, maintaining awareness and knowledge
required to perform the duties of the position including all
aspects of the Bank Secrecy Act, Fair Lending, and Information
Security. Equal Opportunity Employment First Financial of Maryland
Federal Credit Union is an Equal Opportunity employer with a strong
commitment to hiring for our mission and diversifying our staff.
All qualified applicants will receive consideration for employment
without regard to race, color, religion, national origin, age, sex,
sexual orientation, gender identity, disability, marital status,
protected veteran status or any other factor protected by law.
Compensation details: 70600-95000 Yearly
SalaryPI1caffe0c6c7d-26289-35485526
Keywords: First Financial Federal Credit Union of Maryland, Scranton , REGULATORY COMPLIANCE OFFICER, Accounting, Auditing , Seven Valleys, Pennsylvania
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