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REGULATORY COMPLIANCE OFFICER

First Financial Federal Credit Union of Maryland

Sparks Glencoe MD 21152 US

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Job Type : Full Time

Date Posted : September 11, 2024

Industry : Banking

Posted : posted 5 days ago


First Financial Federal Credit Union

Job Description

Job Title: Regulatory Compliance Officer

Department: Risk Management

Reports To: Chief Risk Officer

Salary Grade(s): 12

EEO-1 Job Class: 1.2 - First/Mid Level Officials and Managers

FLSA Status: Exempt

? Full-time

? Part-time

? Temporary

Location: 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 Salary





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