Commercial Loan Compliance Specialist

Job Details

Description

Title: Commercial Loan Compliance Specialist

Department: Finance and Risk Management

Reports to: Compliance and Risk Manager

FLSA: Non-Exempt

Job Grade: 10

Job Purpose: This position provides services to members and the credit union by ensuring, supporting, and testing compliance with internal procedures, and loan-related regulatory requirements primarily around commercial lending to prevent unsafe, unethical, illegal, or improper conduct on all lending products and services. Additionally, this position serves as an overall loan compliance resource for other departments to assist with ensuring the credit union maintains compliance with applicable lending-related laws and regulations.

Essential Job Results:

JOB SPECIFIC RESULTS

1. Procedures: Assist in the facilitation of procedures related to loan operations by communicating commercial loan-related, regulatory changes. Emphasis will be on commercial lending regulations with knowledge of other lending regulations.
2. Risk Analysis: Assist the Compliance and Risk Manager in development of an annual Compliance Risk Assessment of commercial lending-related regulations and the corresponding risk-based, Compliance Review Schedule for commercial loan areas targeting regulations, products and services, processes, and branches; participation in updates as new commercial risks emerge or identified risks levels fluctuate; collaborate with management on developing the frequency of internal commercial loan compliance reviews/transactional testing.
3. Compliance Management System (CMS) Reviews: Identify and chart commercial lending transaction processes; determine adequacy of commercial loan-related procedures (existing and proposed) in relation to those identified processes; assess adequacy of commercial-related employee training; and conclude upon employee accountability and management oversight with support from transactional testing of commercial loans (see below for transactional testing expectations).
4. Transactional Reviews (expectations): Conducts risk-based commercial loan reviews with an appropriate level of transactional testing/sampling; determine root causes of identified issues with classification of those findings between errors and violations of laws and regulations with management responses and corrective actions collected and reported in a formal memo and Exit Meeting. Tracking of all issues will be maintained for analysis and accountability. Follow-up testing on corrective action implementation to be performed with goal of assessing timeliness, effectiveness, adequacy, and sustainability of implemented corrective actions with reporting. Transactional testing will include consideration of the Quality Assurance process, as needed.
5. Dual Transactional Reviews: Conducts dual reviews of consumer loan transactional reviews performed by the Consumer Loan Compliance Specialist to ensure overall adequacy and accuracy of sampling and findings followed by consultation with the Compliance and Risk Manager
6. New Loan Products: Participate in the review of all new loan-product offerings to ensure regulatory compliance and actively work with the Loan Department and Marketing Department on Credit Union promotions/advertising of new products; participate in the oversight of new products (from initiation of the product request, due diligence, thru final approval); and follow-up on new products after implementation.
7. Commercial Loan Projects: Assist with any commercial lending projects; conduct research and collaborate, as needed
8. Privacy: Maintain satisfactory knowledge regarding the Graham Leach Bliley Act for Privacy and be a resource for lending staff and assist the Information Security Officer, as needed, on any potential investigations of sensitive information violations within loans.
9. Record Retention: Assist with the development of record retention procedures for commercial loan compliance with all Federal and state regulations/requirements as well as internal retention guidelines (acts as a resource to Loan Operations). He/she will test record-retention compliance as part of transactional testing.
10. Training: Work with the Compliance and Risk Manager, Learning and Development, Human Resources, and other management to develop a timely and effective regulatory compliance training program for new and existing commercial lending employees, managers, and Board while also acting as a resource for all commercial loan-related Subject Matter Experts.
11. Management Meetings: Attend and/or conduct commercial lending-related meetings, as needed; maintain meetings of all meetings conducted.
12. Compliance Knowledge: Maintain knowledge of current policies, procedures, and regulations while remaining current on documentation and regulatory requirements.
13. Complaints: Assist the Compliance and Risk Manager in the investigation of commercial loan complaints and perform follow-up on those complaints to determine the timeliness, effectiveness, and adequacy of corrective actions, including transactional testing if needed.
14. Vendor Management: Assist the Compliance and Risk Manager in the Vendor Management Program by maintaining and sharing any vendor-related information discovered during reviews and discussions with loan personnel.
15. Internal/External Audits or Reviews: Assist in gathering requested commercial loan-related documents and transactions; review completed, commercial loan-related audit reports compiled by internal or external auditors while tracking all findings for analysis of trends and accountability; assist in the implementation of corrective action, as needed, to maintain compliance with laws, regulations, or internal policy; and perform follow-up on corrective actions. Written findings will be reported to the Compliance and Risk Manager, and Internal Audit as needed. External reviews include those performed by Regulatory Agencies.
16. Other: Perform other lending-related duties, as assigned.

GENERAL STAFF RESULTS

1. Maintains member and employee confidence and protects operations by keeping information confidential and sharing on a business-related as-needed basis only.
2. Engages in problem resolution by clarifying the member's and/or employee's complaint; determining the cause of the problem; selecting and explaining the best solution to solve the problem; expediting correction or adjustment; following up to ensure resolution; and keeping the supervisor informed of problems and solutions.
3. Complies with UKFCU policies and procedures by enforcing and adhering to internal UKFCU procedures and board-established policies.
4. Complies with federal, state and local regulations and legal requirements by enforcing and adhering to requirements.
5. Maintains professional and technical knowledge by maintaining an awareness of competitors'.