Vice President and Chief Compliance Officer

 

FLSA: Exempt

CATEGORY: Full Time

SUPERVISES: Two or more staff members

REPORTS TO:  President/Chief Executive Officer

Established in 1915, City of Boston Credit Union is one of the oldest Credit Unions in the United States. For a century City of Boston Credit Union has been here to provide complete, professional, and friendly financial services to our members.

Our Mission is to be the primary financial service provider for our members, offering prompt, convenient, value-priced and personal financial services. The positive environment we create for our employees will always be reflected in our positive performance with our members.
 

Overview


City of Boston Credit Union (Credit Union) is seeking to hire a Chief Compliance Officer (CCO) who will be responsible for managing all facets of regulatory compliance affecting Credit Union operations, marketing, deposits and lending through the Credit Union’s compliance program. This position maintains and assesses compliance policies and business procedures for integration of regulatory requirements and industry best practices. The CCO reports to the President/Chief Executive Officer.

General Responsibilities

  • Maintain current and ongoing extensive knowledge of the laws and regulatory guidelines by which this state-chartered Credit Union is required to comply. Monitor federal, state and local legislative and regulatory environment for proposed changes to laws and regulations and their potential impact on the Credit Union.
  • Maintain an in-depth understanding of lending related compliance and regulatory requirements as they apply to the organization loan operating systems.
  • Ensure that the Credit Union President/CEO and the Board of Directors are informed of potential changes within the regulatory, compliance arena and have an understanding on how such changes would affect the CBCU.
  • Manage all facets of the Bank Secrecy Act (BSA) and internal BSA team members.  This would include Customer Identification Procedures, Customer Due Diligence/Beneficial Ownership Rule.
  • Develop and coordinate internal compliance review and monitoring designed to identify, manage and report company-wide legal and regulatory compliance risk.
  • Act as primary point of contact in managing relationships and interfacing with regulators, auditors, examiners, and outside legal counsel on regulatory, audit, examinations and other compliance issues, as needed.
  • Work closely with the Vice President of Lending to provide loan compliance support to the Compliance Management System. This would entail ensuring all facets of loan compliance are effective for largely but not limited to the following regulations: Fair Lending, Home Mortgage Disclosure Act (HMDA),  Equal Credit Opportunity Act (ECOA), Truth in Lending Act (TILA), Fair Debt Collection Practices Act (FDCPA), S.A.F.E Act, Fair Credit Reporting Act (FCRA), Real Estate Settlement Procedures Act (RESPA), Community Reinvestment Act (CRA), Privacy of Consumer Financial Information, and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)
  • Work closely with the Vice President of Operations to provide deposit compliance support. This would entail ensuring all facets of deposit compliance are effective for largely but not limited to the following regulations: Electronic Funds Transfer Act (EFT), Truth in Savings Act (TISA), Availability of Funds and Collection of Checks (Reg. CC), OFAC, and Currency Transaction Reporting (CTR). 
  • Carry out quarterly internal reviews, and internal/external audit of the Credit Union’s compliance program. Review, monitor and evaluate the Credit Union’s policies and procedures to determine the adequacy and effectiveness of Credit Union’s compliance program.
  • Develop, manage and administer all policies and procedures associated with Credit Union’s regulatory compliance program, and assist in developing new policies and procedures as necessary to address business changes.
  • Oversee the dissemination of compliance-related information to Credit Union employees to ensure familiarity with compliance requirements.
  • Partner with management team to oversee certain compliance procedures and offer risk management advice as it pertains to compliance.
  • Coordinate and oversee an effective compliance environment and protocol that is in line with current industry best practices, legal and regulatory guidance and requirements.
  • Evaluate new or changed products and business initiatives for compliance risks and mitigation strategies.
  • Track and monitor corrective actions performed within business areas. Assist with research and response to customer complaints or concerns.
  • Handle the day-to-day compliance reviews such as account openings, forms, record retention, marketing disclosures, deposit & loan disclosures, internal audit and regulatory exams, employee continuing education, etc.
  • Provide direction, education, and support to Credit Union employees, management, and directors acting as a subject matter expert and resource for questions and training across the organization. Be available and willing to listen to and address employee concerns and questions on compliance matters.
  • Assist with implementation of regulatory changes into business operations in a timely and cost-effective manner.
  • Coach, mentor, and support Compliance staff, as needed. Assist in hiring, completing performance evaluations and performance improvement plans, as needed.
  • Participate in various internal committees as assigned.

Qualifications and Demonstrated Abilities

These specifications are general guidelines based on the minimum experience normally considered essential to the satisfactory performance of this position. The requirements listed below are representative of the knowledge, skills and/or ability required to satisfy the duties and responsibilities of the position in a satisfactory manner. Individual abilities may result in some deviation from these guidelines.


Five (5) to ten (10) years of related experience and/or training; or equivalent combination of education and experience. Educational experience, through in-house training sessions, formal school or related curriculum, should be applicable to compliance and risk management.


Bachelor’s degree required.  An advanced degree is preferred, ideally in business, finance, risk management or a related field, from an accredited college/university.


Professional certification preferred, such as Certified Bank Compliance Officer (CBCO), Certified Regulatory Compliance Manager (CRCM), or Certified Regulatory and Compliance Professional (CRCP).
Thorough understanding of the federal and state laws, regulations and industry standards applicable to the financial services industry required, preferably with deep understanding of residential and commercial lending laws, regulations and industry standards.


Understanding of federal and state laws, regulations and industry standards applicable to consumer lending is preferred.
Proven ability to work collaboratively across and organization and at all levels to build, administer, train, and manage a comprehensive compliance program.


Ability to read, analyze, and interpret business periodicals, professional journals, and technical procedures.
Excellent organizational and time management skills, with the ability to provide leadership, supervision and training to employees using positive supervisory techniques to ensure maximum productivity; demonstrated ability in organization and delegation skills.


Intermediate skills in basic business software programs for internal communication, spreadsheets and presentations.


Exceptional verbal, written and interpersonal communication skills with the ability to apply common sense to carry out instructions and instruct others, train personnel, write reports, correspondence and procedures, speak clearly to clients, employees, directors and shareholders.


Ability to deal with complex problems involving multiple facets and variables in non- standardized situations. Proven critical thinking and strategic planning skills.


Self-starter with ability to take initiative with little direction, while also having the ability to work collegially within a collaborative environment.


Demonstrated track record of integrity and commitment to professional ethics.


Strong communication and interpersonal skills required.


Job offer will be contingent upon completion of satisfactory reference, criminal, and financial background checks and passing of pre-employment drug and alcohol screening test.

How to Apply:
Please email current resume to HR@CITYOFBOSTONCU.COM or mail resume to: City of Boston Credit Union, Attention: Chief Compliance Officer, 1 Union Street, 3rd Floor, Boston, MA 02108


City of Boston Credit Union is an Equal Opportunity Employer.  It is the policy of the Credit Union to ensure equal employment opportunity in all aspects of employment and to strive to employ and promote the best qualified person for each job.


In accordance with the Americans with Disabilities Act (ADA), City of Boston Credit Union will provide reasonable accommodation when requested by a qualified applicant or employee with a disability, unless such accommodation would cause an undue hardship. The policy regarding requests for reasonable accommodation applies to all aspects of employment, including the application process. If reasonable accommodation is needed, please contact Carol Donovan, Human Resources Manager, at cdonovan2@cityofbostoncu.com or 617-616-9473.

 

 

Bank Secrecy Act (BSA) Manager

 

Overview


City of Boston Credit Union is seeking to hire a Bank Secrecy Act (BSA) Manager to oversee the daily
operations of the Credit Unions Bank Secrecy Act and Anti-Money Laundering (BSA/AML) compliance
program. The BSA Manager reports to the Chief Compliance Officer.
The BSA Manager will protect the safety and soundness of the Credit Union from a BSA/AML/Risk
perspective. The BSA Manager develops, implements, administers, and monitors all aspects of the
BSA/AML program, while also managing the day-to-day BSA team and functions. The BSA Manager will
be responsible for identifying emerging BSA/AML/Office of Foreign Assets Control (OFAC) risks and
ensuring that proper controls, procedures, and training are in place to help mitigate these risks.
Responsibilities

  • Ensure the Credit Union complies with all applicable Federal & State laws and regulations along with the Credit Union’s policies & procedures as it pertains to BSA/AML.
  • Stay abreast, through training, or regulatory notice of BSA/AML guidance changes and lead the implementation of those changes impacting the Credit Union.
  • Maintains strong knowledge of Credit Union operations, products & services as they pertain to the Credit Union’s risk profile.
  • Develop, revise and review Credit Union policies, procedures, disclosures, notices and forms to comply with legislative and regulatory changes or new requirements as it pertains to BSA/AML.
  • Prepare the annual BSA Risk Assessment and required policy updates.
  • Use Verafin (or other anti-money laundering software/vendor) and COCC core software, including identifying system issues (and internal testing), coordinating periodic software upgrades and researching updates and improvements provided by BSA software vendor.
  • Responsible for daily monitoring of alerts processing and case reviews and analysis of various reports and transaction data to identify trends, unusual or suspicious activity, and/or significant changes in account activity.
  • Manage the CUs member due diligence and enhanced due diligence program. Ensure members are appropriately risk rated. Maintain the list of high-risk members and assist with ongoing monitoring reviews. Assist with clearing watch list, OFAC and 314(a) alerts, as needed.
  • Collaborate on Suspicious Activity Report (SAR) decisions for reporting to FinCEN. Review Currency Transaction Report (CTR) processing to ensure completeness, accuracy, timeliness and compliance to FinCEN changes.
  • Review SARs if prepared by BSA Analyst for complete, accurate, well-documented Narratives and timely filings. Maintain accurate supporting documentation of all SARs filed or investigations where SARs were not filed. Maintain an effective tracking system and well- organized records for audit purposes.
  • Complete Enhanced Due Diligence (EDD) quarterly reviews of the Credit Union’s high-risk customers. Perform research, analysis and investigation of the entire customer relationship documenting results for the review.
  • Maintains confidentiality and ensures timely filings.
  • Comprehends and articulates the impact of regulatory compliance changes and implements processes to minimize AML/BSA risk.
  • Prepare documentation and reports as needed for the board, and executive and senior management.
  • Participates on projects that affect AML/BSA/Risk. Determines how regulatory changes impact BSA/AML systems and work with internal team members to find solutions to alleviate manual work.
  • Develops, coordinates, and facilitates BSA/AML/OFAC training for all Credit Union personnel/departments including Annual Board of Directors Training requirement.
  • Performs quality control testing employing various methods such as data analysis, observation, interviews, or other investigative techniques.
  • Successfully manages and oversees the BSA System validation and BSA Program testing Audits. Manage BSA/AML compliance audits and exams process.
  • Coach, mentor, and support BSA analyst staff, as needed. Assist in hiring, completing performance evaluations and performance improvement plans, as needed.

Requirements:

  • 5 year or more years of direct experience as a BSA Officer in a financial institution.
  • Bachelor’s degree, preferably in business, finance, accounting, risk management or a relatedfield, from an accredited college/university.
  • Extensive working knowledge of overall Fincen regulations including the Bank Secrecy Act, USA PATRIOT Act, and related regulations.
  •  Basic knowledge of credit union administration, lending, and operations products & services; related state and federal laws and regulations and other banking industry operational policies and procedures.
  • Demonstrated working knowledge of the principles and procedures related to AML, BSA, OFAC regulations and the USA Patriot Act requirements.
  • Demonstrated analytical, communication (oral and written), and interpersonal skills.
  • Ability to gather, compile and present data in a clear and logical manner.
  • Ability to manage multiple priorities and complete all in a timely and efficient manner.
  • Ability to proactively identify and assess potential concerns and risks.
  •  Must be detail-oriented, self-motivated, and able to function with minimal supervision, and flexible enough to work within a team environment as required
  • Verafin AML Software and COCC core software experience a plus.
  • FinCEN experience is a plus.
  • CAMS certification is a plus.
  • Microsoft Office Suite (Word, Excel, Outlook, PowerPoint) proficiency is preferred.

Job offer will be contingent upon completion of satisfactory reference, criminal, and financial
background checks and passing of pre-employment drug and alcohol screening test.

How to Apply:


Please email current resume to HR@CITYOFBOSTONCU.COM or mail resume to: City of Boston Credit
Union, Attention: BSA Manager Position, 1 Union Street, 3rd Floor, Boston, MA 02108
City of Boston Credit Union is an Equal Opportunity Employer. It is the policy of the Credit Union to
ensure equal employment opportunity in all aspects of employment and to strive to employ and
promote the best qualified person for each job.


In accordance with the Americans with Disabilities Act (ADA), City of Boston Credit Union will provide
reasonable accommodation when requested by a qualified applicant or employee with a disability,
unless such accommodation would cause an undue hardship. The policy regarding requests for
reasonable accommodation applies to all aspects of employment, including the application process. If
reasonable accommodation is needed, please contact Carol Donovan, Human Resources Manager, at
cdonovan2@cityofbostoncu.com or 617-616-9473.

 

Information Technology Manager

Overview


City of Boston Credit Union (Credit Union) is seeking to hire an Information Technology (IT) Manager who will be responsible for maintaining all networks, servers, operating systems and communication links of the Credit Union; manage the staff, consultants and resources dedicated to supporting office automation, PCs and end-user equipment, network and systems security and database administration. The IT Manager reports to the President/Chief Executive Officer.

 

General Responsibilities


Working with our outside vendors as warranted, responsible for security, networking, core operations, helpdesk support, and communications. 

• Direct and manage the IT and IS functions of the Credit Union to ensure that in-house systems, programming, networking, installations, and operations support the Credit Union's goals and objectives.
• Develop, update, monitor and continuously ensure compliance with the disaster recovery plans, computer security and loss prevention plans, antivirus and firewall protections, etc.
• Direct the upgrade and maintenance of all computer hardware, software, systems tools, and peripherals such as printers, scanners, and other external devices.

Strengthen the strategic direction of the department.
• Work with the CEO in setting short- and long-term technology plans that promote the Credit Union’s growth and enhance services to members.
• Research industry trends in technology to ensure the Credit Union remains competitive in its product and service offerings. Keep abreast of changing trends in technology to include hardware, networks and network tools, software, and systems.
• Evaluate and/or design new systems, applications, networks, or other technology tools that support the Credit Union’s growth, enhance services to members, and provide efficient processes for employees.
 

Develop an overall technology plan.
• Negotiate contracts for the purchase of new systems, hardware, software, or peripherals that will not only well position us today but for the future. Negotiate contracts for service warranties, maintenance programs, or IT consultants to support the Credit Union's technology infrastructure.
• Determine when it is efficient and appropriate to outsource technology services. Research industry experts in outsourced computer and core processing services and negotiate contracts with appropriate vendors.
• Ensure that operational manuals and documentation are accurate and up to date. Ensure that processes comply with State, Federal, and Division of Banks rules and regulations.
• Prepare, implement, and supervise the budget for the department that is consistent with the overall strategic plan of the Credit Union.
• Develop, evaluate, and revise the Credit Union’s IT policies and procedures as necessary to address business changes, security risks, and enhancing technologies.
• Develop IT plans for implementation of new projects, projects and business practice, working closely with project leader. Provide well-defined plans including procedures, documentation, deadlines, and accountability.
• Comply with the U.S. Patriot Act and the Credit Union’s Bank Secrecy and OFAC Policies and Procedures.

Evaluate the staffing structure.
• The incumbent will be responsible for all personnel decisions and will manage, direct IT staff.
• Coach and direct staff in operational activities to ensure compliance with the goals and objectives of the Credit Union, external regulations, and budgetary requirements.
• The incumbent will be responsible for completing performance evaluations and performance improvement plans, as needed.
• Participate in various internal committees as assigned.

Qualifications and Demonstrated Abilities

• These specifications are general guidelines based on the minimum experience normally considered essential to the satisfactory performance of this position. The requirements listed below are representative of the knowledge, skills and/or ability required to satisfy the duties and responsibilities of the position in a satisfactory manner. Individual abilities may result in some deviation from these guidelines.
• Five (5) to ten (10) years of related experience and/or training; or equivalent combination of education and practical experience. Educational experience, through in-house training sessions, formal school or related curriculum, should be applicable to Information Technology.
• A bachelor's degree or achievement of formal certifications recognized in the industry as the equivalent to a bachelor's degree (e.g. information technology certifications in lieu of a degree).
• Experience managing vendor contracts and ensuring adherence to service level agreements is preferred.
• Excellent organizational and time management skills, with the ability to provide leadership, supervision and training to employees using positive supervisory techniques to ensure maximum productivity; demonstrated ability in organization and delegation skills.
• Exceptional verbal, written and interpersonal communication skills with the ability to apply common sense to carry out instructions and instruct others, train personnel, write reports, correspondence and procedures. Speak clearly to clients, employees, directors and shareholders.
• Ability to deal with complex problems involving multiple facets and variables in non- standardized situations. Proven critical thinking and strategic planning skills.
• Self-starter with ability to take initiative with little direction, while also having the ability to work collegially within a collaborative environment.
• Demonstrated track record of integrity and commitment to professional ethics.
• Strong communication and interpersonal skills required.

Job offer will be contingent upon completion of satisfactory reference, criminal, and financial background checks and passing of pre-employment drug and alcohol screening test.

How to Apply:


Please email current resume to HR@CITYOFBOSTONCU.COM or mail resume to: City of Boston Credit Union, Attention: Chief Compliance Officer, 1 Union Street, 3rd Floor, Boston, MA 02108
City of Boston Credit Union is an Equal Opportunity Employer.  It is the policy of the Credit Union to ensure equal employment opportunity in all aspects of employment and to strive to employ and promote the best qualified person for each job.
In accordance with the Americans with Disabilities Act (ADA), City of Boston Credit Union will provide reasonable accommodation when requested by a qualified applicant or employee with a disability, unless such accommodation would cause an undue hardship. The policy regarding requests for reasonable accommodation applies to all aspects of employment, including the application process. If reasonable accommodation is needed, please contact Carol Donovan, Human Resources Manager, at cdonovan2@cityofbostoncu.com or 617-616-9473.

 

Deposit Operations Manager

 

Overview

City of Boston Credit Union (Credit Union) is seeking to hire a Deposit Operations Manager who will be responsible the overall deposit operations, including document management, deposit systems administration, and deposit operations functions.


General Responsibilities


Responsible to lead, train and supervise staff to ensure department meets organizational goals. Communicates with Credit Union management to promote efficient and accurate workflow while also establishing positive working relationships. Oversee core system administration, in addition to other deposit related systems. Manage the department by ensuring all duties related to bank operations are performed accurately and effectively according for the City of Boston Credit Union’s policies and applicable state and federal regulations.


• Responsible for the overall management and day-to-day functions of the deposit operations department including, but not limited to, rejected items, overdraft processing, returned items, remote/branch capture, mobile banking deposits, IRAs, dormant accounts, ATM functions, abandoned property, quality control review, and deposit file maintenance.
• Manage Regulation E dispute process including the management of debit and credit card fraud.
• Manage member service performance with Deposit operations inbound and outbound calls.
• Provide supervision and guidance to ensure accuracy of work performed and compliance with Credit Union policies/procedures and all applicable regulations. Monitor workflow of assigned team to ensure that the team's tasks are appropriately allocated and that required deadlines/commitments are met daily. Provide backup support for each area of the department.
• Responsible for developing, reviewing, editing, and maintaining all department policies and procedures and ensuring their adherence to all applicable regulations, and compliance with regulatory changes. Identify opportunities for process improvement/efficiencies and assist in implementing approved changes.
• Ensure the Credit Union is utilizing deposit, wire, and core applications to fullest capacity. Participate as a stakeholder during periodic updates to system software, and verify that enhancements are working correctly. Assist with system parameters and design to meet the needs of multiple departments.
• Oversee and support the daily account verification in the COCC system, ensure compliance with all regulations related to account changes. Follow-up on missing or incorrect documents, escalate and track issue reported to Department managers to ensure resolution.
• Coach, mentor, support, and foster teamwork among the Deposit Operations staff. Responsible for training, including ensuring all staff is cross-trained in all deposit operations subject matter. Complete performance evaluations and performance improvement plans, as needed.
• Responsible for the accuracy, integrity, and maintenance of the customer information system data, deposit products, and applications.  Collaborate with managers and internal Credit Union Departments to resolve discrepancies to maintain account level accuracy. Communicate with members through written correspondence or by phone, as necessary.
• Oversee the returned mail function and develop and design processes to ensure accurate data is captured and maintained.
• Oversee the document management, archival process, and record retention functions for deposit accounts. Ensure completeness of all deposit account documentation and adherence to established records retention schedules.
• Prepare and provide management with reports related to deposit systems, items processing, and other areas of responsibility.
• Participate in the development of departmental budget recommendations; monitor and control operations within approved budget.
• Interact with auditors, compliance, and examiners to assist in Credit Union reviews and examinations. Follow up, correct, and implement any items addressed as directed and update procedures manual as necessary.
• Ensure that Internal Revenue Service and Massachusetts Department of Revenue requests for levies are responded to in a timely manner and according to established procedures.
• Review documents received from attorneys and customers regarding estate accounts. Partner with the Compliance Department to ensure appropriateness of documentation.
• Review and respond to subpoenas and all other internal and external requests for information.
• Manage Deposit Operations General Ledger reconciliations to ensure that items are being reviewed and cleared in timely manner.
• Manage and review interest rate and other supervisor override exceptions and maintain effective controls.
• Performs additional duties as requested.


Qualifications and Demonstrated Abilities


• Minimum of five (5) years of deposit operations experience with a financial institution.
• Strong Experience with maintaining core platforms. Experience with COCC platform is a plus.
• Demonstrated understanding of all back-office banking operations.
• Excellent General Ledger research and balancing skills.
• Knowledge of banking laws and regulations pertaining to operations, compliance and ACH.
• Demonstrated outstanding customer service focus and ability to work effectively and collaboratively with others.
• Ability to manage vendor relationships.
• Demonstrated computer literacy in all Microsoft applications.
• Strong leadership abilities. Previous supervisory experience, preferred.
• Demonstrated ability to manage projects.
• Ability to effectively manage time, prioritize work, multi-task across many assignments and delegate where necessary.
• Ability to work independently in a fast-paced environment where deadlines must be met.

Job offer will be contingent upon completion of satisfactory reference, criminal and financial background checks and passing of pre-employment drug and alcohol screening test.

How to Apply:


Please email current resume to HR@CITYOFBOSTONCU.COM or mail resume to: City of Boston Credit Union, Attention: Chief Compliance Officer, 1 Union Street, 3rd Floor, Boston, MA 02108
City of Boston Credit Union is an Equal Opportunity Employer.  It is the policy of the Credit Union to ensure equal employment opportunity in all aspects of employment and to strive to employ and promote the best qualified person for each job.
In accordance with the Americans with Disabilities Act (ADA), City of Boston Credit Union will provide reasonable accommodation when requested by a qualified applicant or employee with a disability, unless such accommodation would cause an undue hardship. The policy regarding requests for reasonable accommodation applies to all aspects of employment, including the application process. If reasonable accommodation is needed, please contact Carol Donovan, Human Resources Manager, at cdonovan2@cityofbostoncu.com or 617-616-9473.