Compliance Officer

SUMMARY: The Compliance Officer is responsible for administering and improving all aspects of the credit union’s compliance management program. This position plans and organizes the administrative, lending, deposit, operational and marketing compliance activities, along with administering the fiduciary account program.

ESSENTIAL FUNCTIONS:

• Ensures compliance with all state and federal regulatory requirements including, but not limited to, Anti-Money Laundering, OFAC, BSA, GLBA, HMDA, Reg CC, Reg D, Reg E, Reg Z, Truth in Savings, Truth in Lending, Illinois Credit Union Act
• Advises Director of Risk and Senior Management of emerging compliance issues and guides in the establishment of controls to mitigate risks
• Conducts research of regulatory related matters at the request of Senior Management
• Works with appropriate functional areas to review, identify, recommend and test processes for compliance and risk
• Assists in the development of and review proposed changes to credit union policies, internal guidelines, and procedures for compliance with applicable regulatory requirements
• Reviews and revises all credit union deposit, loan and electronic delivery disclosures
• Conducts compliance review of marketing, deposit, loan, electronic disclosures and materials
• Conducts internal compliance and risk reviews in accordance with established standards and practices
• Coordinates external compliance examinations and risk reviews
• Administers Vendor Management Program
• Conducts compliance and fiduciary training for employees and members
• Maintains and improves the compliance program
• Administers the Fiduciary Account Program, including Individual Retirement Accounts (IRA), Education Savings Accounts (ESA), Health Savings Accounts (HSA), Trust Accounts, Deceased and Estate Accounts, Power of Attorney (POA), Guardianship, Representative Payee and Doing Business As (DBA) accounts.
• Acts as a liaison with third party IRA/HSA administrator
• Assist members with fiduciary account questions and processes account transactions
• Develops and reviews reports to audit fiduciary transactions, including tax reporting
• Maintains confidentiality of information and controls. Protects all credit union sensitive information and materials within the scope of the department functions

SECONDARY FUNCTIONS:

• Assists with Business Continuity Program management
• Coordinates record retention program and schedule
• Works with Fraud and Risk to maintain the controls needed to protect the assets of the credit union
• Other duties as may be assigned

QUALIFICATIONS:

• Education Required: High School Diploma or equivalent
• Education Preferred: 1. Compliance Officer certification
• Certified Credit Union Compliance Officer (CUCO)
• Certified Regulatory Compliance Manager (CRCM)
• Bachelor’s degree in Business Administration or related field

• Experience Required: Two (2) years in a financial institution compliance position
• Experience Preferred: There (3) years in a credit union compliance position

TRAVEL: Up to 5% local travel to the service centers. On occasion, attends national conferences and local peer networking events or trainings.

The base pay for this position is $55,638.98 to $92,731.63 per year. In specific locations, the pay range may vary from the range posted. Click here to learn more about ALEC and our benefits.