Product Counsel

First Electronic; Salt Lake City (UT); Hybrid; USD 120,000 - 180,000; Full time

Job summary

First Electronic Bank is seeking an experienced attorney to provide regulatory and compliance guidance for deposit and lending products and services on a national basis. The role requires knowledge of financial services regulations and coordinating with outside counsel.

You will advise on consumer protection, deposits, lending, and loan servicing, support legal strategy, and assume comprehensive product and compliance responsibility for assigned programs and partnerships.

Qualifications

• Law degree from an accredited U.S. university.
• Licensed to practice in Utah (and in good standing), or another state as approved by the Bank.
• At least 5 years of regulatory and compliance experience in deposits, lending and financial services.
• Excellent verbal and written communication skills, interpersonal and partnering skills.
• Excellent analytical skills.

Responsibilities

• Advise on regulatory compliance matters for deposit and lending platforms and partners.
• Serve as the primary legal contact on regulatory matters for assigned programs and providers.
• Review due diligence and provide guidance throughout the program life cycle.
• Develop and maintain corporate policies, procedures, and compliance programs.
• Perform legal research and render opinions to the VP Product Counsel and leadership.
• Present reports and recommendations on legal matters and programs.

Skills

Verbal communication

Written communication

Analytical skills

Multi-tasking

Team collaboration

Business acumen

Attention to detail

Education

Juris Doctor (J.D.)

Tools

Outlook

Word

Excel

PowerPoint

Co-Pilot

Job description

At First Electronic Bank (FEB or Bank), we are driven by the purpose to make credit accessible to everyday Americans and their businesses. Partnering with some of the most innovative fintech companies in the nation, we offer a wide range of consumer and commercial credit and deposit products on a national basis. Offering deposit accounts and debit cards, revolving lines of credit, private-label credit cards, installment financing programs and more, FEB engages with strategic, collaborative partners, promoting services and products to provide the most beneficial consumer and commercial financing solutions.

First Electronic Bank ("FEB") is seeking an experienced attorney to provide regulatory and compliance guidance for the Bank’s deposit and lending products and services. The role requires strong knowledge of financial-services regulations and will review new products, address compliance escalations, conduct legal research, and coordinate with outside counsel. The attorney will advise on consumer protection, deposits, lending, and loan servicing; support legal strategy and implementation; and assume comprehensive product and compliance responsibility for assigned deposit and lending programs and related strategic partnerships.

What You'll Do:

• Advise the Bank on regulatory compliance matters pertaining to the implementation and management of deposit and lending platforms, products and key service providers. Identify and resolve regulatory and compliance issues related to new and existing partners, products and services.
• Serve as the primary legal point of contact on regulatory matters for assigned programs and associated products and service providers.
• Review and provide regulatory and compliance guidance from initial due diligence throughout the life of the program.
• Have a thorough knowledge of all aspects of the assigned deposit and lending platforms and products.
• Participate in the development of corporate policies, procedures, and compliance programs with respect to the assigned deposit and lending platforms.
• Perform legal research, prepare and render legal opinions to the VP Product Counsel, Chief Legal Officer, and Management.
• Present reports and recommendations regarding legal matters and assigned programs.
• Other areas as interest, availability and ability permit.

What We're Looking For:

• Law degree from accredited U.S. university.
• Licensed to practice in Utah (and in good standing), or other State as approved by Bank.
• At least 5 years of regulatory and compliance experience in deposits, lending and financial services.
• Excellent verbal and written communication skills, interpersonal skills and partnering skills.
• Excellent analytical skills.
• Strong command of Microsoft Office Suite; in particular, Outlook, Word, Excel, PowerPoint, and Co-Pilot.
• Great at multi-tasking, working well under pressure and meeting tight deadlines.
• Collaborative and works in tandem with team members.
• Consultative and proactive; good business sense and a sense of urgency, honesty and fairness.
• Able to take direction and manage projects from beginning to end with a sense of follow through.
• Exceptionally detail oriented and organized.
• Excellent legal drafting skills.
• Self-confident and inspires confidence from business leaders.

Preferred experience:

• Deposit and debit programs.
• Consumer and small business lending, including credit card programs.
• Loan servicing and collections.
• Familiar with fintech sponsorship model .
• Consumer protection.
• Data privacy and protection.
• FDIC and Utah Department of Financial Institutions.