Reg W Accountant, SFS

1 month ago

Salt Lake, Utah, United States Block Full time

Company Description
Block is one company built from many blocks, all united by the same purpose of economic empowerment. The blocks that form our foundational teams - People, Finance, Counsel, Hardware, Information Security, Platform Infrastructure Engineering, and more - provide support at the corporate level. They work across business groups and around the globe, spanning time zones and disciplines to develop inclusive People policies, forecast finances, give legal counsel, safeguard systems, nurture new programs, and more. Every challenge creates possibilities, and we need different perspectives to see them all. Bring yours to Block.
Square Financial Services, Inc. (SFS) is Block's bank. We opened in March 2021 and provide lending and FDIC-insured deposit products to small businesses on a nationwide basis.
Job Description
The Reg W Accountant will be responsible for ensuring that Block's financial transactions and policies comply with Regulation W of the Federal Reserve Board of Governors. This role will involve close coordination with various teams within Block and SFS, including Legal, Compliance, and Finance, to monitor and report on affiliate transactions and ensure adherence to regulatory requirements.
Reg W Responsibilities:

  • Monitor collateral for all Reg W Covered Transactions and coordinate withTreasury to ensure sufficient collateral is available.
  • Perform monthly Reg W reporting, including affiliate transaction reporting and delayed settlement monitoring.
  • Submit inter-company invoices for settlement.
  • Support program examinations and reviews conducted by Compliance, Internal Audit, and Regulators.
  • Write risk assessments and draft and update procedures.


Accounting Responsibilities:

  • Book journal entries during month-end close
  • Perform monthly account reconciliations
  • Run monthly intercompany accounting reporting and engage with stakeholders at SFS and Block, Inc. to clear balances.
  • Assist with operational accounting and financial reporting tasks.


Qualifications
Required Qualifications:

  • A demonstrated work ethic and willingness to dive into the details to solve identified problems in a timely manner
  • 4+ years of related work experience in Banking or Financial Services
  • Strong quantitative analysis skills.
  • Efficient, improvement-focused, and detail-oriented
  • Bachelor's degree in Finance, Accounting, Economics, Business Administration or other related field preferred


Nice to have:

  • Specific accounting and regulatory experience in Financial Services
  • Experience with Regulation W
  • Experience with Banking Regulations
  • Experience working under a regulated financial institution or Fintech


Qualifications
Required Qualifications:

  • A demonstrated work ethic and willingness to dive into the details to solve identified problems in a timely manner
  • 4+ years of related work experience in Banking or Financial Services
  • Strong quantitative analysis skills.
  • Efficient, improvement-focused, and detail-oriented
  • Bachelor's degree in Finance, Accounting, Economics, Business Administration or other related field preferred


Nice to have:

  • Specific accounting and regulatory experience in Financial Services
  • Experience with Regulation W
  • Experience with Banking Regulations
  • Experience working under a regulated financial institution or Fintech

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