Our Compliance department is seeking a new Fair Banking Officer to join their team!
At OceanFirst Bank, each one of our employees plays an important role in fulfilling the mission and taking responsibility to execute daily tasks in alignment with our core values. Together we foster an environment of respect, professionalism and diversity that makes OceanFirst a great place to work and do business.
Great benefits include: on-site fitness facility, hybrid schedule after initial onboarding has been completed (3 days in office, 2 days remote), employee perks & discount programs, tuition assistance, incentive compensation program, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!
Primary Purpose
The Fair Banking Officer supports the Chief Compliance Officer with oversight of the Bank’s Fair Banking and Community Reinvestment Act (CRA) activities, as well preparing for any regulatory examinations and resolving any subsequent matters requiring attention (MRAs) after an examination. In addition to responsibility for daily oversight and management of these functions in a manner that effectively identifies, measures, manages, and controls risk and maintains regulatory compliance, this individual proactively identifies, plans, and executes the evolution of compliance risk management practices to keep pace with the Bank’s growth and/or changes in complexity of operations. This individual will advance the evolution of bank-wide enterprise risk management through strong leadership of these second line of defense functions and collaborative interaction with the first and third lines of defense.
Essential Duties And Responsibilities
- Responsible for the Bank’s regulatory risks, such as the Bank’s Fair Banking and CRA activities, which could include the performance of any self and/or risk assessments.
- Responsible for preparing for any regulatory examinations, such as the OCC’s CRA examination, compliance target examination, and safety and soundness examination.
- Direct the Bank’s efforts to prepare for and manage to the triennial CRA Performance Evaluation. This includes establishing or keeping up a periodic cadence of meetings with relevant stakeholders.
- Assists in third party vendor selection to support the maturity of the Compliance Department, which include professional services and technology vendors.
- Collaborates with individual business line stakeholders to establish and review processes and procedures to ensure compliant line data collection and reporting as it relates to Fair Lending and CRA, including HMDA. Ensures proper, accurate and timely regulatory submissions.
- Responsible for project management by leading and influencing cross-functional or compliance teams.
- Advises the Chief Compliance Officer and relevant business units of emerging risks, new or amended laws, regulations, or regulatory agency guidance and recommend and implement changes and controls to mitigate those risks. Manages the regulatory change management process as needed.
- Establishes and maintains positive, collaborative relationships with internal business partners, external regulatory agency representatives and regulatory/compliance consultant groups. Serves as liaison to regulatory agencies, internal and external auditors, and external legal counsel for Fair Banking and CRA activities. Leads responses to exam and audit concerns and oversees corrective action of relevant compliance deficiencies or violations.
- Prepares and presents to the Board of Directors and/or Board Committees, as well as relevant management committees, policy and program documents relating to Fair Banking and CRA. Ensures such documents appropriately address all relevant topics and adhere to regulatory requirements and expectations.
- Prepares and presents periodic reports to the Bank’s Board of Directors and/or Board Committees, as well as relevant management committees addressing emerging and current risks, key indicator performance, regulatory compliance, and monitoring results. Ensures all compliance reporting is completed by the appropriate responsible parties and distributed timely.
- Remains current on industry, risk management, regulatory and compliance trends, and changes to laws and regulations relevant to the Bank, including Fair Banking and CRA regulations.
- Provides leadership to staff related to the Bank’s compliance program.
Job Specifications
Knowledge, Skills & Abilities
- Strong leadership skills and strategic vision, including demonstrated ability to identify, plan and execute appropriate strategies to achieve required evolution of compliance risk management practices in connection with Bank growth and/or changes in complexity.
- Ability to pro-actively identify and develop appropriate strategies to address potential issues, including development or evolution of risk management and/or controls, training identification, resource allocation and staffing needs, product modifications, etc.
- Extensive and thorough knowledge of all federal and state banking laws and OCC & Federal regulations with the proven ability to interpret and apply them to the bank's business operations. Subject matter expert in Fair Lending and CRA.
- Strong working knowledge of banking industry, operations, and control systems.
- Strong interpersonal skills with the ability to interact effectively with all levels of management, legal counsel, regulators, and auditors while maintaining strict confidentiality. Strong relationship management orientation to facilitate internal and external partnerships with business partners, agency representatives and regulatory/compliance consultant groups. Demonstrated ability to work both independently and within a team environment.
- Exceptional organizational and prioritization skills with demonstrated ability to manage competing priorities and complete tasks within or prior to deadline.
- Strong written communication skills with an ability to communicate concerns, conclusions, and recommendations clearly and logically.
- Strong decision making, analytical and investigative abilities with attention to detail and accuracy. Sound judgment with proven ability to make distinctions between significant, moderate, low risk as well as make appropriate recommendations that protect consumers/customers, respect regulatory guidance and other shareholders/stakeholders.
- Proficient in Microsoft Office Suite.
- Demonstrated ability to provide leadership within and across teams. Ability to coach and develop staff in all aspects of performance management.
Experience & Education
- Bachelor’s degree in Accounting or Finance and/or a comparable business curriculum.
- CRCM preferred.
- 8+ years progressively responsible for Fair Banking Compliance, and Regulatory Compliance experience, with experience in a banking or financial institution environment developing and implementing compliance policies, programs, and procedures, as well as resolving regulatory examination findings. Direct experience in preparing for OCC CRA (including Fair Lending) exam, preparing and presenting CRA (and Fair Lending)-relevant data, as well as experience with being an integral solution to a Bank receiving an upgraded CRA rating from the OCC.
- 5+ years of experience in related management/leadership capacity.
Internal and External Contacts
- Frequent internal contacts at all levels, including the Board and Executive Management.
- Ongoing external contact with vendors and regulators.
Working Conditions/Physical Requirements
Office environment. Ability to operate a computer. Ability to communicate simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.
Equal Opportunity Employer
OceanFirst is an equal opportunity employer. It is the Bank’s policy to grant Equal Employment Opportunity (EEO) to all qualified persons without regard to actual or perceived race, color, creed, religion, national origin, ancestry, citizenship status, age, sex or gender (including pregnancy, childbirth, lactation and related medical conditions), gender identity or expression (including transgender status), affectional or sexual orientation, marital status, familial status, civil union or domestic partnership (under applicable state law) status, veteran’s status or liability for service in the United States armed forces, disability (including AIDS and HIV infection), atypical hereditary cellular or blood trait, genetic information, or any other characteristic protected under applicable federal, state, or local law.
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