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March 10, 2025

Compliance Officer

The Compliance Officer is responsible for ensuring that the credit union adheres to all applicable federal, state, and local laws and regulations, as well as internal policies and procedures. The Compliance Officer will work closely with the internal auditor and senior management to develop, implement, and monitor compliance programs, ensuring the credit union’s activities align with regulatory standards and best practices in the financial services industry.

This position plays a critical role in protecting the credit union from legal and financial risks, fostering a culture of compliance, and safeguarding member trust.

Key Responsibilities:

  1. Regulatory Compliance Oversight:
    • Monitor and ensure adherence to federal, state, and local regulations that impact the credit union’s operations, including regulations related to the National Credit Union Administration (NCUA), the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and the Credit Union Membership Access Act (CUMAA).
    • Stay updated on changes to regulations and advise senior leadership on necessary adjustments to ensure continued compliance.
    • Work with internal auditor to conduct regular audits to ensure all policies, procedures, and practices comply with applicable laws and regulations.
  2. Compliance Program Development:
    • Develop, implement, and maintain compliance programs that effectively address regulatory requirements and mitigate compliance risks.
    • Collaborate with relevant departments to ensure all areas of the credit union are adhering to internal and external compliance standards.
    • Lead the development and execution of employee training on compliance-related topics.
  3. Risk Management:
    • Identify potential compliance risks and develop strategies to mitigate them.
    • Work with management to implement corrective actions as necessary to address any compliance violations or deficiencies.
    • Work with internal auditor to perform risk assessments to identify potential vulnerabilities and take proactive steps to reduce risks.
  4. Internal and External Reporting:
    • Prepare and submit compliance-related reports to regulatory agencies, the board of directors, and senior management as required.
    • Serve as the primary point of contact along with the internal auditor for regulatory agencies, auditors, and external compliance entities.
    • Ensure that all necessary filings and documentation are submitted in a timely and accurate manner.
  5. Policy and Procedure Review:
    • Review and update credit union policies and procedures regularly to ensure they reflect the latest regulatory requirements and industry best practices.
    • Advise senior leadership on policy changes and updates to promote compliance and minimize legal risks.
  6. Member Privacy and Security:
    • Oversee the credit union’s practices to ensure the safeguarding of member data and compliance with privacy regulations (e.g., GDPR, GLBA, etc.).
    • Ensure the credit union’s systems are secure and compliant with data protection regulations.
  7. Training and Education:
    • Develop and deliver compliance training for employees and management, ensuring they are equipped to follow the necessary legal and ethical standards in their daily tasks.
    • Keep staff updated on compliance changes and regulatory trends that could affect their roles.
  8. Compliance Audits and Monitoring:
    • Work with internal auditor to help coordinate internal compliance audits and investigations of potential compliance breaches.
    • Monitor compliance performance and report findings to management, recommending corrective actions as needed.
  9. Communication and Collaboration:
    • Collaborate with various departments to ensure that compliance issues are addressed effectively, and that compliance is integrated into operational activities.
    • Foster a compliance-oriented culture throughout the organization by promoting awareness and ethical business practices.

Qualifications:

Education & Experience:

  • Bachelor's degree in Business Administration, Finance, Accounting, or a related field (required).
  • At least 3 years of experience in a compliance-related role, preferably within a financial institution, credit union, or bank (required).
  • Knowledge of credit union operations, financial regulations, and relevant compliance frameworks (e.g., BSA/AML, NCUA regulations, etc.) is highly preferred.
  • Professional certifications such as Certified Regulatory Compliance Manager (CRCM), Certified Anti-Money Laundering Specialist (CAMS), or other relevant credentials are a plus.

Skills & Competencies:

  • In-depth understanding of federal and state regulatory requirements for credit unions and financial institutions.
  • Strong analytical skills with the ability to identify compliance risks and develop solutions.
  • Excellent written and verbal communication skills, with the ability to explain complex compliance issues to non-compliance staff.
  • Strong attention to detail and ability to work independently and as part of a team.
  • Ability to effectively manage multiple tasks and projects with competing deadlines.
  • Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint) and compliance-related software/tools.

Personal Attributes:

  • High ethical standards and a strong commitment to maintaining confidentiality.
  • Strong organizational and time-management skills.
  • Ability to foster a culture of compliance and professionalism within the credit union.

Work Environment:

  • Office setting with occasional travel to branch locations or for training.
  • Interaction with management, staff, regulatory agencies, and auditors.

Apply: To apply, please send your resume and cover letter to Kim Bennett.