Job Description

Job Description: CRA (Community Reinvestment Act) & Compliance Officer

The CRA & Compliance Officer is responsible for ensuring the bank complies with Community Reinvestment Act (CRA) regulations, consumer protection laws, and other applicable compliance requirements. This role involves developing, implementing, and maintaining a comprehensive compliance program to address CRA obligations, monitoring the bank's lending, investments, and services in low- and moderate-income communities, and collaborating with internal departments to assess performance and identify areas for improvement. The CRA & Compliance Officer also ensures adherence to other compliance regulations, including fair lending, anti-discrimination laws, and consumer protection standards.

Primary Duties:

• Develop, implement, and maintain a comprehensive compliance program to meet regulatory requirements, including CRA, Regulation O, and Regulation W.
• Stay informed about changes in financial regulations and ensure the bank’s policies and procedures are up to date.
• Conduct regular risk assessments to identify compliance vulnerabilities and recommend corrective actions.
• Prepare and submit accurate regulatory reports within specified timeframes.
• Address compliance-related questions, issues, and concerns in collaboration with management and other departments.
• Stay current on new and amended laws and lead the bank’s compliance change management processes.
• Maintain an in-depth understanding of CRA, Regulation O, and Regulation W requirements, ensuring compliance with lending restrictions, affiliate transactions, reporting obligations, and performance evaluations.
• Provide internal compliance training to employees on regulatory and CRA requirements.
• Ensure compliance with regulations such as the Truth in Savings Act (TISA), Fair Credit Reporting Act (FCRA), Equal Credit Opportunity Act (ECOA), Fair Debt Collection Practices Act (FDCPA), Real Estate Settlement Procedures Act (RESPA), Truth in Lending Act (TILA), Home Mortgage Disclosure Act (HMDA), and Fair Housing Act (FHA).
• Review and approve consumer lending products and marketing materials for regulatory compliance and consumer protection.
• Monitor loan servicing, debt collection, and credit reporting practices to ensure compliance.
• Review loan disclosures, including Loan Estimates and Closing Disclosures, for accuracy.
• Ensure underwriting and loan origination processes comply with fair lending practices and anti-discrimination laws.
• Participate in compliance board reporting and assist with consumer complaint resolution.
• Participate in FDIC and State compliance examinations (FL and NY) and manage regulatory audits.
• Respond to regulatory inquiries and findings and implement necessary corrective actions.
• Establish and conduct ongoing monitoring and testing of compliance controls.
• Maintain accurate and organized records of compliance-related activities.
• Ensure CRA Lobby Notices are displayed, and the CRA Statement and Public File are maintained according to requirements.
• Manage internal CRA Performance Evaluations (Self-Assessments) and ensure timely completion.
• Maintain a CRA strategic plan to meet the lending, investment, and service needs of the bank’s designated assessment areas.

Skills, Education & Experience:

Education:

• Bachelor’s degree in a related field preferred.

Experience:

• 5 to 10 years of relevant experience in regulatory compliance.
• In-depth understanding of CRA, Regulation O, and Regulation W.

Language Skills:

• Fluent in both English and Spanish, with the ability to interpret documents and respond to inquiries in both languages.

This role requires a detail-oriented individual who can manage multiple compliance responsibilities and ensure the bank meets its CRA and other regulatory obligations effectively.

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