Commercial Bank in New York City is seeking a Vice President, CRA Compliance Director to manage the Bank’s Community Reinvestment Program ensuring compliance with all federal and state laws and regulations.
CRA Compliance Responsibilities:
- Key responsibility is to support the Bank’s Compliance Department in day-to-day management of the CRA program, including assisting in development of the Bank’s Community Reinvestment Program to ensure compliance with all federal and state laws and regulations.
- Collect all CRA data, including but not limited to: working with Bank’s Management regarding CRA qualified investments, all HMDA loan data, all CRA qualified community support donations and all employee hours donated in support of our community.
- Assist in updating and developing the Bank’s CRA compliance policies, procedures and processes, and performing risk assessments.
- Document, coordinate and review lending, investment and service activity related to the requirements of the CRA Act.
- Successfully serve as the Bank’s principal liaison with external CRA compliance auditors, examiners and regulators.
- Ability to maintain relevant CRA reports and files such as the public CRA file including risk assessments, data and documentation.
- Analyze, prepare and monitor the Bank’s statistics to determine adequate loan penetration of low and moderate income households and small businesses.
- Ability to work with various departments to develop lending, investment, and service programs that help meet the lending needs of low and moderate income households.
- Develop and design a risk based action plan framework around the laws, regulations and issues relating to CRA, Fair Lending, Home Mortgage Disclosure Act (HMDA), Fair Housing Act (FHA) and other regulations as applicable.
- Successfully monitor the Bank’s CRA performance and suggest program modifications and improvements.
- Successfully represent the Bank in appropriate forums for lending opportunities and community outreach.
- Responsible for managing the Bank’s CRA database for collection of volunteer hours and donations including determination of CRA eligibility.
- Ability to assist in developing sound loan programs designed to meet the credit and housing needs of the Bank’s communities.
- Involvement in the development of new products to ensure that the Bank’s lending programs, deposit products and other financial services are designed to enable the Bank’s community to purchase businesses and build financial security.
- Handle any complaints received that impacts the Bank’s CRA performance and issuing a response to the complaint.
- Function as the key educational resource for all departments on affordable products, guidelines and outreach while offering to be a resource for their clients.
- Ability to work with Learning and Development to develop formal bank wide CRA training.
- Create and develop a library of CRA resources. Distribute and collect information related to the CRA and other topical subjects to appropriate staff. Provide informational assistance to loan officers, branch personnel, Management and the Board of Directors.
- Adheres to all Company Policies & Procedures and Safety Regulations
- Adheres to local, state and federal laws. Complies with all company rules and regulations
- Ability to attend training and maintains a knowledge of procedures to ensure compliance with laws and regulations governing financial institutions.
CRA Compliance Requirements:
- Minimum of six years’ experience in community reinvestment and/or equivalent experience
- Bachelor’s degree
- Experience and knowledge of the CRA and related regulations
- Experience and knowledge of operating areas, functions, products and services and the laws and regulations which apply to commercial banks as they relate to credit administration and lending activities
- High degree of professionalism in communication, attitude and teamwork with customers, peers and management
- High level of quality work, attendance and appearance
- Loan compliance practices and procedures knowledge
- Experience and knowledge of internal audit practices and perspectives.
- Experience and knowledge of risk and controls
- Ability to conduct thorough research, interpret and understand laws and regulations and provide workable recommendations and solutions to problems.
- Salary $120,000-$150,000
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