What are the responsibilities and job description for the Compliance Specialist position at PSFCU?
Polish & Slavic Federal Credit Union is committed to supporting our employees’ overall wellbeing by providing valuable benefits. The credit union proudly offers a competitive benefits package, that includes: Medical, Vision and Dental Insurance, Retirement Plans, Life Insurance Plans, Tuition Reimbursement and Pet Insurance, among other benefits. We also have a generous Paid Time Off policy including Vacation, Personal and Sick Time, as well as, a Birthday Day off.
Core Responsibilities:
- Maintain current knowledge of applicable federal and state laws, regulations, and regulatory guidance affecting the Credit Union. Communicate relevant regulatory requirements, changes, and compliance information to appropriate departments. Maintain compliance calendar.
- Schedule, coordinate, and conduct risk-based compliance reviews and examinations of laws and regulations affecting the Credit Union’s deposit and lending operations. Document findings and present conclusions and recommendations to Management. Maintain and update the compliance examination and monitoring plan on an ongoing basis and follow up on corrective actions identified through prior internal audits, compliance reviews, and regulatory examinations.
- Assist with maintaining the Credit Union’s compliance risk assessment by identifying and evaluating compliance risks associated with existing and new products, services, delivery channels, systems, and regulatory requirements.
- Conduct periodic compliance reviews and risk assessments of Credit Union products and services to identify potential compliance concerns and ensure adherence to applicable regulatory requirements.
- Recommend changes to policies and procedures to support the effectiveness of the Credit Union’s compliance program and mitigate the risk of non-compliance. Assist in the development and revision of policies, procedures, disclosures, notices, and forms. Provide compliance guidance regarding new or modified products and services.
- Track compliance findings and corrective actions resulting from internal compliance reviews, audits, regulatory examinations, and other monitoring activities. Follow up with responsible departments to support timely remediation and maintain appropriate documentation of corrective actions.
- Assist with monitoring and analyzing member complaints for potential compliance concerns, regulatory trends, or systemic issues and escalate identified concerns to Management, as appropriate.
- Participate in the review and implementation of new or modified products, services, systems, and operational processes to identify applicable regulatory requirements and potential compliance risks prior to implementation.
- Review marketing and advertising materials prior to publication or distribution, including promotional materials, brochures, website content, forms, and disclosures, for compliance with applicable advertising and consumer protection requirements. Draft or review terms and conditions associated with marketing campaigns and promotions.
- Conduct compliance research and regulatory analysis on applicable laws, regulations, guidance, and other compliance-related matters as requested by Management.
- Provide compliance guidance and support to branches and departments by responding to questions regarding regulatory requirements, Credit Union policies, procedures, products, and services.
- Provide a high level of professional service to Credit Union members, employees, and vendors while maintaining appropriate confidentiality and compliance standards.
- Develop and/or deliver compliance and procedural training to Credit Union employees, as necessary, including training related to regulatory changes, policies, procedures, and identified compliance risks.
- Provide backup support for Compliance Department functions, including reviews related to higher-risk businesses, deceased member accounts, Identity Theft Red Flags, and the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. Assist with Suspicious Activity Report (SAR) reviews and other assigned BSA/AML functions, as appropriate.
- Perform special projects and other compliance-related assignments as directed by the SVP/Head of Compliance.
- Assist regulatory examiners and internal and external auditors during examinations and audits, including coordinating requested documentation and supporting responses to compliance-related inquiries.
- Perform other duties and responsibilities as assigned.
Requirements:
- 4 – Year Bachelor’s degree; Legal background and/or equivalent bank/credit union compliance experience desired.
- Relevant banking experience in deposit and lending.
- Understanding of consumer compliance regulations and how they apply to financial institution.
- Bilingual English and Polish.
- Excellent verbal and written skills.
- Ability to learn legal concepts and perform legal research and analysis.
Pay: $69,485.00 - $91,492.00 per year
AN EQUAL OPPORTUNITY EMPLOYER
Salary : $69,485 - $91,492