The Lending Compliance Officer also provides guidance to the CRA Department. Duties include creating implementation plans for any regulatory or product/service changes; assists business units with creating and managing appropriate controls, assists business units with keeping affected policies and procedures current, assists departments with ongoing monitoring activities, conducting compliance monitoring or reviews, and assists in the development and delivery of customized compliance training. The position also may need to respond to lending-related compliance questions from departments. This position assists the Head of Department in preparing reports to regulators, management, and any board or internal committees as applicable.
Key Result Areas:
- Serve as the subject matter expert for all applicable laws and regulations.
- Monitor changes in laws, regulations, enforcement actions and examination trends.
- Assist Deposit Compliance Officer as back-up resource as needed for responding to deposit-related questions and requests.
- Assist with the dissemination of information to various departments regarding new or amended lending related laws and regulations.
- Assist with the development and maintenance of the Bank's regulatory compliance management system.
- Assist with any reporting necessary to fulfill the objectives of the Compliance Program.
- Manage all related testing and monitoring to monitor Lending and CRA departments for compliance with consumer and other applicable lending laws/regulations.
- Prepare monitoring reports, discuss the results with management, and track remediation as appropriate.
- Work as appropriate with Project Management Office or independently to create and manage implementation plans for all regulatory changes and serve as a compliance resource for other departments' implementation plans related to system, product and service changes.
- Work with the consumer and commercial lending areas to ensure implementation of regulatory changes per implementation plans, including the creation or revision of policies and procedures, controls, testing, evaluation and detailed documentation.
- Work with business units and training personnel, as needed, to ensure the development and delivery of high quality, innovative lending compliance training.
- Participate in product/service development, act as subject matter expert for the business line to ensure that regulatory risks are considered prior to implementation of new or revised products or services.
- Support residential and commercial lending for compliance related inquiries and research.
- Assist in an annual compliance risk assessment and review of the overall Compliance Program.
- Maintain working knowledge of FNMA and other secondary market guidelines, including implementation of new/revised requirements affecting appraisals, loan quality initiatives and quality control, etc.
- Facilitate Second Review Committee for reviewing proposed loan denials for fair lending monitoring purposes.
- Assist in the ongoing review of all Bank policies and procedures to ensure compliance.
- Review regulatory or policy required loan forms, notices, disclosures, etc, assisting in their design/development or revision.
- Review and approve all lending-related advertising, brochures, website, loan officer flyers, rate sheets, social media and other marketing materials/initiatives to ensure compliance with applicable regulations.
- Act as the primary liaison between the Compliance Department and the lending areas of the Bank maintaining a balance between prudent lending practices and the need to comply with Federal and State fair lending, consumer protection and other regulations.
- Assist with coordinating materials and responses for examinations, internal or external lending audits and ad hoc regulatory inquiries.
- Maintain an awareness of legal and regulatory developments; participate in trade associations, initiate and maintain contact with colleagues and legislators and study trade publications, regulatory rulings and interpretations, as well as regulatory and legislative proposals.
- Ensure appropriate fair lending analysis is performed.
- Perform additional duties as required.
- At least 5 to 7 years' regulatory experience in either a bank lending compliance function or with a bank regulatory agency in a position which reviews lending compliance. CRCM or equivalent accreditation preferred.
- Proven track record of working on compliance review projects, researching complex compliance issues, and/or answering detailed compliance questions within short deadlines set by others.
- Proficiency in interpreting and analyzing impact of federal and state regulations, with particular proficiency in consumer and other lending regulations required. Proven proficiency with TRID and HMDA required.
- Working knowledge and understanding of FNMA and other secondary market guidelines. Underwriting experience is a plus.
- Experience performing compliance reviews/audits for a financial institution.
- Experience in developing and delivering compliance or other technical training.
- Strong ability to write clearly and concisely.
- Excellent communication skills and the ability to work with others.
- The ability to work independently and manage time effectively.
- Proficient conflict management skills.
- Strong customer service skills.
- Ability to travel freely amongst branch locations.
- Strong working knowledge of Microsoft Office (Word, Excel, Access, Outlook). Knowledge of regulatory compliance management systems, CRA and Fair Lending Wiz, Encompass and D+H LOS systems would be helpful.
The above description covers the most significant day-to-day responsibilities associated with this position, but it is expected that other occasional responsibilities and accountabilities the inclusion of which would be in conformity with the essential purpose of this position will arise from time to time in the ordinary course.
Harvard Square – Cambridge, Massachusetts
About Cambridge Savings Bank:
Cambridge Savings Bank is a full-service financial institution with approximately $3.4 billion in assets that is committed to improving the quality of life in the communities it serves. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton, and Watertown.