Sr. Compliance Advisor

2 weeks ago

New York NY, United States Flagstar Bank Full time
Regulatory Compliance is responsible for developing and maintaining a Compliance Management Program (CMP) for the Bank that reasonably ensures compliance with consumer protection laws and regulations, addresses associated risks of harm to consumers and customers, and integrates consumer compliance into the day-to-day responsibilities of its management and employees. This visible role will work independently with business unit (BU) risk partners to support the CMP. The Senior Compliance Advisor is expected to be able to independently prioritize, achieve work deliverables, and provide periodic updates to applicable Compliance leaders on matters requiring escalation and assistance and to collaborate, advise, and coordinate their activities. Maintain an advanced and comprehensive knowledge of assigned BU processes and the consumer protection laws and regulations that pertain to them and have advanced independent judgment skills required to deliver advisory support of technical compliance rules and business operations while serving as a subject matter expert to the assigned BU’s on consumer protection matters. They also advise and assist the BU in developing and implementing risk-based controls to ensure compliance with the applicable consumer protection laws and regulations. This position will serve a vital role in the Regulatory Compliance Department and will be an integral part of the company’s overall risk management strategy.

  • Using independent and sound judgment, provide subject matter expert advice to assigned BU’s regarding applicable servicing consumer compliance regulations while collaborating, advising, and coordinating with Compliance leaders. Applicable regulations include but are not limited to CFPB Deposit Reconciliation, EFTA, ESIGN, Reg CC, HMDA, Overdraft, Guidance, RESPA, NDIP, Sales Practices, TISA, TILA, FCRA, SCRA, FDCPA, FDPA, and applicable State requirements.

  • Maintain assigned risk statements and Compliance policies

  • Maintain close contact with assigned BUs to keep apprised of objectives, strategy, new initiatives, emerging issues/risks (e.g. Mortgage Servicing Rights Transfers, Loss mitigation, ARM’s, HELOC, etc.)

  • Stay abreast of BU processes and applicable consumer compliance laws and regulations

  • Provide advice, counsel and recommendations using independent and sound judgment to BUs on consumer compliance questions/issues

  • Complete special projects as necessary

  • Provide periodic updates for CMP reporting

  • Periodically review business unit policies and procedures (especially changes) to ensure they meet regulatory requirements

  • Assist in developing and implementing action plans to comply with any new/revised consumer compliance laws and regulations

  • Facilitate completion of Consumer Compliance Risk Assessment

  • Work with BU and Compliance Training Manager to develop BU annual training plan for assigned BU

  • Work with Compliance Assurance Manager to develop BU annual testing plan for assigned BU

  • Work with Compliance Assurance to develop Key Risk Indicators (KRIs) for early warning signs of compliance concerns for assigned BU

  • Review applicable indicators of risk – KRIs, QC results, Compliance Testing results, ERM Issue Management Report, complaints, risk assessment results, etc. to identify weaknesses and assist in remediating

  • Assess new products/services for potential compliance concerns; prepare risk assessments

  • Assess new and existing vendors and debt buyers for potential compliance concerns; prepare risk assessments

  • Review marketing materials and other external-facing communications for potential compliance issues (as applicable)

  • Monitor for emerging risks and industry fines/penalties; conduct assessments as required

  • Complete all required compliance training

  • Maintain knowledge of, and adhere to, Flagstar's internal compliance policies and procedures

  • Maintain Regulatory Compliance department procedures as assigned

  • Maintain knowledge of changing consumer compliance regulations

  • Ensure compliance with applicable federal, state and local laws and regulations

  • Perform other duties and special projects as assigned

JOB REQUIREMENTS

Required Qualifications:

  • Education level required: Undergraduate Degree (4 years or equivalent) in Business Administration, Finance, Accounting, Law, or related equivalent experience.

  • Seven years of experience in a financial institution, auditing firm, or consulting firm with a regulatory compliance focus and abilities to exercise independent judgment in decision making and advice.

  • Subject matter expertise gained through Regulatory Compliance, Risk, Internal Audit, Legal or equivalent business experience.

  • Bank operations experience in applicable mortgage originations, mortgage servicing, consumer lending, community banking, etc.

Preferred Qualifications:

  • CRCM certification preferred.

Job Competencies:

  • Knowledge of consumer protection laws and regulations impacting financial institutions.

  • Demonstrated subject matter expertise in the assigned banking processes.

  • Advanced PC systems skills including proficiency with Microsoft Word, Excel, PowerPoint and other reporting systems

  • Excellent communication skills, including report writing, oral presentations, group facilitation skills, etc.

  • Demonstrated conceptual thinking and analytical skills.

  • Proven ability to partner effectively across all levels of the organization.

  • Ability to manage and execute multiple complex projects within required timelines and expectations.

  • Ability to conduct compliance assessments and produce quality results.

  • Ability to work independently in a continuously changing environment.

  • Inquisitive, resourceful, and able to seek out information and develop sound conclusions and strategies.

  • Ability to develop and maintain professional relationships.

  • Physical demands (ADA): No unusual physical exertion is involved.

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