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Compliance Officer

4 months ago


Waltham, United States Cambridge Financial Full time
POSITION: Compliance Officer

Summary:

At Cambridge Savings Bank, our purpose is to have a positive impact on our customers, employees, and community's financial well-being. We are committed to exceeding expectations, having a strong commitment to diversity and inclusion, and fostering a highly collaborate and customer centric environment. This position monitors changes in lending compliance laws and regulations and fair lending/fair banking best practices and regulatory guidance in order to provide appropriate regulatory guidance to impacted business lines and assists with the management of the CRA and Fair Lending Programs. This position closely collaborates with Residential and Commercial Lending, Community Partnerships, Retail, Operations, Marketing, Risk, Learning & Development and Legal teams to manage fair lending/fair banking risks and compliance with Community Reinvestment Act requirements.

Key Result Areas:
  • Provide guidance to business lines as a subject matter expert for all applicable laws, regulations, and regulatory guidance, especially focusing on CRA and fair lending. Monitor changes in laws, regulations, regulatory guidance, enforcement actions and examination trends with a focus on equal credit, fair credit reporting, fair lending laws, unfair and deceptive practices, and fair banking.
  • Monitor changes in laws, regulations, enforcement actions and examination trends. Assist with the dissemination of information to various departments regarding new or amended lending related laws and regulations.
  • Assist with meetings relating to CRA and Fair Lending, as well as assisting with the preparation of CRA and Fair Lending reporting for the business lines, the CRA Officer, and the Board of Directors. Assist with preparing and reviewing CRA and Fair Lending reports for discussion with management during CRA and Fair Lending meetings, identifying any gaps, and tracking outcomes and resolutions.
  • Assist in managing the CRA and Fair Lending Programs. Review and update any CRA or Fair Lending policies, risk assessments, and procedures managed as components of the CRA and Fair Banking programs on at least an annual basis.
  • Contribute to the success of the CRA and Fair Lending Programs with the review and analysis of lending trends, marketing outreach, community affairs performance and available peer data, and monitor and conduct analysis on CRA performance, fair lending, and market area risks, while escalating matters requiring additional research or recommending enhancements or assessment area changes as appropriate.
  • Conduct testing, monitoring reviews, and reporting of lending departments of the bank to monitor for compliance with consumer and other applicable lending laws/regulations, as necessary to fulfill the objectives of the Compliance Management Program and the Compliance Monitoring Plan. Prepare monitoring reports, discuss the results with management, and track remediation as appropriate.
  • As required, provide support to the Project Management Office to manage resources to support new initiatives with a Consumer Protection, CRA, or Fair Lending nexus.
  • Assist with coordinating materials and responses for examinations, internal or external audits and ad hoc regulatory inquiries as required.
  • Align with CSB's Core Values and demonstrate CSB's commitment to diversity, equity, and inclusion.
  • Perform additional duties as required.
Qualifications:
  • Ten plus years consumer compliance and/or CRA and fair lending experience at either a financial institution or with a bank regulatory agency in a position with responsibility for CRA, fair lending and consumer compliance matters.
  • CRCM or equivalent accreditation and experience relating to the regulatory component of the Community Reinvestment Act, Fair Lending and Compliance Management requirements.
  • Proven track record of researching complex compliance issues and impact of updates to federal and state regulations or regulatory guidance to ensure compliance with applicable consumer protection laws, regulations, and regulatory guidance.
  • Experience working with regulators, external auditors, and exam processes.
  • Proven track record of supporting team members.
  • Experience conducting compliance reviews/audits at 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.

Location:

Hybrid/Waltham, Massachusetts

About Cambridge Savings Bank:

Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency affirmed CSB's investment-grade rating, reinforcing the bank's position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender. NMLS # 543370

Cambridge Savings Bank is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. We are a VEVRAA Federal Contractor.

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