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Consumer Compliance Central Point of Contact (CPC)

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Legal
Multiple locations
Posted on Tuesday, July 9, 2024

Company

Federal Reserve Bank of RichmondWhen you join the Federal Reserve—the nation's central bank—you’ll play a key role, collaborating with a dynamic and diverse team of mission-driven professionals to strengthen and protect our economy and our communities.

Bring your passion and expertise, and we’ll provide the opportunities that will challenge you and propel your growth—along with a wide range of benefits and perks that support your health, wealth, and life. In addition to competitive compensation, we offer a comprehensive benefits package that includes tuition assistance, generous paid time off, top-notch health care benefits, child and family care leave, professional development opportunities, a 401(k) match, pension, and more. All brought together in a flexible work environment where you can truly find balance.

About the Opportunity

The Supervision, Regulation, and Credit (SRC) Department’s Applications, Consumer, and Enforcements (ACE) unit has an immediate opening for a highly motivated professional to join the team. In this position, the candidate will collaborate with talented regulatory professionals within SRC and across our nation’s central bank, participating in the Federal Reserve System’s compliance supervision program for bank and bank holding companies with assets of $10 Billion or more.

You will be an integral part of supervising a 5th district financial institution with a responsibility for consumer compliance risk. The ideal candidate will be team-spirited, an enthusiastic learner, willing to take on a variety of assignments and have meaningful compliance experiences in one or more of the following areas: operations, risk management, consumer, internal audit, and corporate governance. You will be asked to provide high-quality financial institution consumer compliance supervision through active dialogue with the firms, examinations, ongoing monitoring, horizontal activities, and special projects. You will report to a Senior Manager.

What You Will Do

  • Demonstrate leadership and supervisory perspective by conducting continuous compliance supervision activities and participating in examinations. This includes working independently as well as executing responsibilities as directed, reviewing submitted materials, conducting meetings with management, the production of workpapers that substantiate conclusions, reviewing workpapers, drawing conclusions, presenting findings and preparing written correspondence.
  • Conduct baseline compliance monitoring, review information and lead ongoing meetings to draw conclusions, sharing observations and emerging compliance risks and trends with applicable stakeholders.
  • Maintain professional working relationships with Dedicated Supervisory Teams and proactively collaborate with colleagues internally, across the Federal Reserve System and other regulatory agencies to understand and resolve compliance issues and build consensus regarding supervisory matters.
  • Synthesize information on supervised firms in required deliverables to escalate current and emerging compliance risks and recommend proposed supervisory responses or activities.
  • Maintain a forward-looking view of changes to consumer laws, rules, and regulations to understand the potential impact to the supervised firm’s business strategy and operations, risk management practices, and controls as well as the impact to consumers.
  • Develop and maintain relationships with other US (e.g., CFPB, OCC, FDIC) supervisors responsible for the firm. Regularly meet with these supervisors to understand the evolving regulatory environment and associated risks to the supervised firm. Read other regulators reports and maintain a solid understand of supervisory findings issued by other regulators and the impact to the firm’s consumer compliance risk profile. Leverage this perspective to identify potential thematic control issues and to inform future work, supervisory planning, and exam scoping.
  • Perform other duties as assigned.

Qualifications:

  • 5+ years of compliance risk examination or relevant work experience
  • Bachelor’s degree in Finance, Economics, Business, or equivalent related experience in lieu of degree
  • Experience in one or more of the following areas: operations, consumer compliance, risk management, internal audit, and corporate governance.
  • Examiner commission and credentials or commensurate industry experience preferred.
  • Must be comfortable with a hybrid work environment and willing to travel (up to 35%). Extended work hours may be required at times.

Other Requirements and Considerations:

  • Candidates should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
  • If you need assistance or an accommodation due to a disability, please notify rich.recruitment@rich.frb.org.
  • This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.
  • In addition, all candidates must undergo an enhanced background check and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship.
  • Under Conflict of Interest guidelines administered by the Board of Governors of the Federal Reserve System, examining personnel may not participate on an examination of a financial institution or affiliate if the examiner was employed by the financial institution or affiliate within the past 12 months.
  • Please review Bank’s Employee Code of Conduct to ensure there are no major issues related to your previous employment and current financial interests (relevant sections are 5.3 and Appendix B, Parts I, II and III). FRB ethics rules generally prohibit employees and their immediate families from owning investments in banks, savings associations, or their holding companies (Section 5.3). Additionally, employees engaged in Supervision and Regulation may be subject to borrowing and deposit restrictions. These employees may need to recuse themselves from certain supervisory work based on:
    • Their borrowing relationships (Appendix B Parts I.1, II.1 and II.2)
    • If a financial institution employs a member of the employee’s immediate family (i.e. spouse, child, parent, or sibling) (Appendix B Part I.3 and Part II.3)
    • If the individual was employed by the financial institution or affiliate within the past 12 months (Appendix B Part I.3 and II.3).
    • In certain cases, the recusal may be so extensive it could materially reduce the effectiveness of the prospective employee’s job responsibilities.
  • The hiring range of the Examiner – LFI – Sr. is $123,000 - $153,800
  • The hiring range of the Examiner – LFI – Adv is $137,100 - $171,400
  • Salary offered will be based on the job responsibilities and the individual’s knowledge, skills, and experience as defined in the job qualifications.
  • Applications will be reviewed on a rolling basis. Interested candidates are strongly encouraged to apply by 5pm on Monday July 22, 2024.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Bank Examination

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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