The ideal candidate will demonstrate experience in compliance with a desire to learn the Strategic Partnership model.
Work location is flexible if approved by the Company, except this position may not be performed remotely in California, New York, or Massachusetts.
Preference will be given to candidates located in the following states: Utah, Washington, Arizona, Ohio, Michigan, North Carolina, Missouri, Nebraska, Kansas, Minnesota, Arkansas, or South Carolina.
Responsible for managing all elements of the Medallion Bank (“the Bank”) strategic partnership (“SP”) oversight program including SP Compliance, Risk and Program management to ensure that the program operates successfully. Understanding regulatory compliance and Strategic Partnerships is essential in managing the Strategic Partnerships Program.
ESSENTIAL DUTIES & RESPONSIBILITIES
Compliance and Risk Responsibilities
- Helps manage an effective CMS for all regulatory requirements applicable to the Bank’s SP program, including due diligence, implementation, and ongoing oversight, using policy and procedure, training, risk assessment, monitoring and testing, issue management, complaint management, etc.
- Assists with ensuring appropriate documentation, root cause analysis, and remediation of audit findings, compliance testing findings, and examination findings, if any.
- Works with legal counsel or the Chief Compliance Officer, and other Bank officials as applicable, to review and approve SP program material, including policies, procedures, marketing, disclosures, agreements, etc.
- Reviews and analyzes customer complaints to identify potential issues and improve the SP program.
- Ensures that SPs are compliant with all requirements of their agreements with the Bank.
- Assists in resolving findings of audits, testing, and examinations if any.
- Helps the Bank comply with BSA/AML requirements for SP activities, i.e., FinCEN 314(a) requests, OFAC scrubs, BSA document management, reporting, suspicious activity reporting, and risk assessments.
- Is aware of all applicable regulatory changes related to consumer lending, security, and privacy and can effectively provide guidance of such to
- Performs site visit reviews at SP offices, which are usually 2-3 days per site visit.
- Provide regulatory guidance in response to questions in a way that relevant stakeholders and SPs can understand the risks.
- Reviews and approves customer facing correspondence, including marketing material.
- Other duties as assigned.
Strategic Partnerships Program Manager Responsibilities
- Seeks to appropriately balance the Bank’s desire to grow and enhance profitability of its SP programs with the need to manage both safety and soundness risk and consumer protection risk.
- Advocates for the Bank in all interactions with the SPs.
- Avoids relationships with SPs that might create conflict of interest or compromise the ability to put the Bank’s interests first.
- Participates in the effective operation of a Bank SP team, including risk management of the SP programs, and acting in a manner consistent with the Bank’s strategy and culture.
- Assists with the due diligence process for prospective SPs, including the review of documents, financial analysis, initial risk assessment, and coordination with designated credit, operations, technology, and accounting employees, both at the SP and at the Bank.
- Assists with the implementation and launch of assigned SP programs, successfully completes all required activities in the management of SP programs, works collaboratively with all related parties, and communicates effectively.
- Assists with ongoing relationship management for SP programs, included maintaining comprehensive knowledge of the SPs’ product offerings, sales promotions, marketing materials, business operations, credit underwriting, IT infrastructure, and compliance management system (“CMS”).
- Other duties as assigned.
- Self-motivated and hard working. Must be able to handle various functions simultaneously and function in a fast-paced environment.
- Experience in processing consumer loan applications and stipulations is a plus but not required.
- Basic math and computer skills for income calculation.
- Excellent written and verbal communication and interpersonal skills.
- Ability to successfully work in team environment.
- Ability to make sound decisions and communicate decisions effectively.
- Willing to work on various projects as needed.
- Bachelor’s degree or equivalent work experience required.
- Some regulatory compliance experience at a financial institution or a financial regulatory agency required.
- Experience that includes working on SP programs required.
- Proficient knowledge of federal banking laws applicable to consumer lending required.
- Knowledge of BSA/AML requirements required.
- Certified Regulatory Compliance Manager, Certified Anti-Money Laundering Specialist, or similar certification preferred, or the ability to retain after hired.
- Understanding of the marketplace/SP lending model preferred.
- Must be collaborative and a problem solver capable of meeting established project deadlines.
PHYSICAL ENVIRONMENT AND PHYSICAL DEMANDS AND REQUIREMENTS:
- Cubicle or home office with minimal exposure to distractions or environmental hazards.
- Remaining in a stationary period, often standing, or sitting for prolonged periods.
- Repeating motions that may include the wrists, hands, and/or fingers.
- Required to pass a background check and maintain a clear background.
- Some travel required.