Compliance Officer

Kennebec Savings Bank

Augusta (ME)

On-site

USD 63,000 - 110,000

Full time

8 days ago

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Job summary

Kennebec Savings Bank in Augusta, ME, seeks a Compliance Officer to run the bank's regulatory compliance program, formulate recommendations, and implement follow-through across the organization to meet state and federal requirements.

The role oversees consumer and loan compliance, chairs the Compliance Committee, and coordinates training and policy updates to ensure ongoing adherence to applicable laws and regulations.

Qualifications

Three to five years of experience in a bank compliance role.
Ability to read and interpret complex regulations and answer compliance questions.
Strong analytical and critical thinking skills.

Responsibilities

Run the bank's comprehensive regulatory compliance program; report status and findings to the Compliance Committee and Regulatory Counsel.
Lead and chair the Compliance Committee, develop and monitor remediation actions.
Oversee consumer and loan compliance, including regulations such as Regulation B, Z, RESPA and related acts.
Develop staff training programs on regulatory compliance with HR support.
Monitor changes in regulations and ensure timely updates to policies, procedures, forms and staff training.

Skills

Analytical thinking

Communication skills

Attention to detail

Ethics and confidentiality

Written communications

Tools

Microsoft Office

Job description

POSITION SUMMARY

This position is responsible for running the Bank's comprehensive regulatory compliance program; for formulating recommendations and following through on implementation; for reviewing Bank activities and processes and reporting status and findings; for collaborating with all areas of the Bank to ensure compliance with state and federal law.

Key Responsibilities

Consumer compliance program

Handle day-to-day operation of the Bank's Compliance Program; conduct ongoing internal compliance reviews and monitoring, and act as the Chair of the Bank's Compliance Committee. Report to the Compliance Committee and Regulatory Counsel on the status and findings of compliance reviews and monitoring; support and monitor implementation of remedial actions and recommendations to improve controls and outcomes.

Stay up-to-date on consumer compliance regulations affecting the Bank and work with business lines to ensure the appropriate changes in policy/procedures, forms, signage, and staff training are implemented in a timely fashion in response to changes. Work with business lines to ensure new products, processes, and services comply with applicable rules and regulations. Review and approve advertisements, disclosures, and other Bank materials as needed.

Comply with all applicable Federal and State banking regulations and all Bank operating policies and procedures.

Meet or exceed performance standards and objectives established for compliance officer performance.

Loan compliance

Oversee the Bank's regulatory compliance for all lending programs, including residential, consumer, and commercial lending activities. Ensure compliance with all pertinent lending regulations including:

Prohibition against Unfair, Deceptive, and Abusive Acts or Practices

Flood Disaster Protection Act

Homeowner's Protection Act

Regulation B (Equal Credit Opportunity Act)

Homeownership Counseling Act

Regulation Z (Truth in Lending Act)

Fair Housing Act

Real Estate Settlement Procedures Act (RESPA)

Notify the Compliance Committee and other management as appropriate of any violations or negative trends in the loan compliance area; support business line implementation of corrective action as approved.

Monitor regulatory and other legal changes affecting loan products and recommend changes as necessary to ensure continued Bank compliance; implement as approved.

Supervise the Bank’s flood insurance compliance program and support lending staff to ensure compliance with all flood regulations. Review HMDA and other loan data as needed to ensure accuracy and timely filing of the required data.

Staff training

Work with the Human Resources department to develop and implement internal training programs for all staff members for regulatory compliance. Design training materials as needed by business lines, conduct or oversee training and monitor results.

Electronic Banking And Deposit Compliance

Oversee the Bank’s compliance with electronic banking and other regulations governing deposit accounts to ensure ongoing compliance with applicable regulations and requirements. Inform the Compliance Committee and other management as appropriate of problems as appropriate; recommend action as necessary to correct problems or comply with new or updated regulations; oversee implementation as approved.

Assist Bank personnel with questions or problems concerning electronic transactions. Monitor developments in consumer compliance and other regulatory issues affecting the electronic banking and deposit operations. Recommend changes as necessary to ensure continued Bank compliance and support business line implementation as needed.

Support Bank products/services

Maintain knowledge of current KSB products and services. Actively utilize as many Bank products and services as possible in order to fully understand their features and benefits and to be able to communicate effectively with customers and prospective customers.

Talk to internal and external customers and listen for “cues and clues” to determine needs; respond to customer inquiries and evaluate their needs; make referrals to other Bank personnel as appropriate.

Community/public relations

Actively participate in community organizations and events. Represent the Bank in the community.

Other outside activities

Actively participate in industry trade group meetings and educational programs to remain abreast of current issues and requirements affecting Bank operations and job performance.

Management committees

Prepare materials for and serve as Chair of the Compliance Committee.

Other duties

Demonstrate reliable attendance and punctuality. Handle telephone inquiries and provide information to customers, vendors, and Bank staff in a professional and courteous manner. Attend and participate in Bank meetings as assigned. Attend internal and external training to improve skills and knowledge relevant to the Compliance Specialist Position.

Understand and fully comply with Kennebec Savings Bank’s Core Values.

Perform Other Duties As Required.

POSITIONS REPORTING TO THIS POSITION

None

Requirements

3-5 years’ experience working in a bank compliance department, including experience reading and understanding complex regulations and answering compliance questions

Demonstrated history of being adaptable and responsive to changing needs of the department and the Bank

Demonstrated experience partnering with business lines and other functional areas to support efficiency, consistency, and regulatory compliance

Working knowledge of the banking industry

Experience utilizing strong analytical and critical thinking skills

Experience with the Microsoft Office suite and ability to learn new applications and software

Other Requirements

Must possess a valid driver’s license, the use of a serviceable automobile that is properly registered and proper liability automobile insurance as required by state law.

Must be able to lift files and other documents of approximately 20 pounds.

Must be able to read and work with computer print-out reports.

Must be able to stand or sit for extended periods of time while waiting on customers.

Must be able to spend extended periods of time operating a computer keyboard and working at a computer monitor.

Must be able use the telephone to converse with customers for extended periods of time; must be able to communicate clearly by telephone; must have good listening ability and skills.