Regulatory Compliance Analyst

Function

This position is primarily responsible for supporting the Risk department’s mission of ensuring ongoing compliance with applicable regulations and sound banking business practices throughout all operating areas of the credit union. This individual will support the compliance and AML/BSA functions with focus on the development, implementation, and maintenance of the credit union’s regulatory compliance program. The candidate will regularly review compliance or business line audit and test results to assist with/perform analysis against regulatory requirements and credit union policy.

The Analyst will assist with the identification of training needs in areas of responsibility and participate in the development and/or review of training materials created for credit union employees. This job also supports the Compliance Officer (CCO) in ensuring the organization’s compliance with all applicable Federal consumer protection laws and regulations. The successful candidate will have a working knowledge of regulations affecting financial institutions, anti-money laundering & Bank Secrecy Act programs, account titling and CIP requirements, retail account opening procedures, and other directives surrounding sound banking practices.

Duties and Responsibilities

• Researches very complex regulatory issues with a special focus on privacy, AML/BSA, and lending activities. Communicates findings in formal reports to management and/or business lines.
• Identifies potential issues and proactive compliance activities, through evaluation of policies, practices, and industry guidance in order to develop, evaluate, and implement proposed resolutions and their impact on business processes, products/services, and resources.
• Drafts comment letters regarding regulatory changes and reviews letters with compliance management before distribution to affected areas of the Company. Evaluates, tracks, and reports on business unit activities to achieve compliance with such regulations or regulatory changes.
• Conducts and leads testing efforts, documents findings, presents findings to appropriate levels of management.
• Supports the evaluation of the effectiveness of credit union’s compliance programs, providing knowledgeable advice and counsel for business lines. Reviews test results to provide guidance and best practices to mitigate compliance risk and make recommendations for corrective action(s)
• Monitors department reporting to determine additional needs for compliance training and leads review of training modules and efforts.
• Supports preparation for regulatory exams and internal/external audits. Assists various departments in response to periodic examinations by regulatory agencies and tracks status of remedial efforts.
• Assist business unit leaders with implementing new regulations, controls or prudent business practices to facilitate compliance with regulatory expectations.
• Monitor core processing system and other applications (CUDL, FICS, etc.) to identify high risk accounts opened by the credit union. Analyze account documentation on record to ensure information obtained complies with internal policies as well as federal regulations.
• Assist with managing the organization’s Vendor Management program which may include conducting reviews of vendor due diligence materials, ensuring vendor maintains compliance with various Federal & State regulations (e.g. GLBA/Privacy), and assess risks presented by third party relationships.
• Review marketing and advertising materials to be released or posted, for compliance with applicable regulations as assigned.
• Assist with audits of retail offices and other audit activity initiated by Risk Management.
• Support other Risk Management oriented activities as required.

Qualifications and Education Requirements

Work Experience

• 5 years minimum Compliance and/or Financial Industry experience. Thorough knowledge of credit union regulations (Federal & State)
• Microsoft Office
• Excellent communication, organizational and problem solving skills required. Ability to maintain the highest levels of confidentiality and work independently as well a as well as part of a team.

Education

• Bachelor’s Degree