Description
Position Summary: The Compliance Counsel is responsible for significantly supporting the Credit Union's compliance with laws, regulations, and internal policies by conducting legal research, monitoring evolving laws, regulations, and guidance, and providing strategic and options-aware counsel that enable the effective management of compliance risk and achievement of organizational goals. This role drives compliance management efforts through serving as a key resource that provides expert regulatory compliance review and advisory services throughout the creation of and amendment to: external directives, such as laws, regulations, and guidance; internal directives, such as Bylaws, policies, and procedures; and Credit Union products, services, service channels, and processes. This role supports the Credit Union's issue management program and compliance training offerings, and engages in communication and action to notably support internal and external audit, review, and examination processes. This role is essential for achieving and maintaining regulatory compliance.
Work Arrangement - This position is a hybrid role, working at our Headquarters in East Lansing, MI.
Schedule - Monday - Friday 8:30am - 5:00pm ET
An offer of employment with MSU Federal Credit Union and affiliates is contingent upon the agreed work arrangement (onsite/hybrid/remote) and work location. MSU Federal Credit Union may or may not be able to accommodate temporary or permanent changes to work arrangements or allow employment outside the city and/or state of residency in which the new hire resides at the time of offered employment.
Essential Duties and Responsibilities:
Compliance Counsel:
Provide strategic, timely, accurate, and clear recommendations after conducting complex research on laws, regulations, guidance, case law, and other legal authority impacting federal credit unions, such as but not limited to the: Federal Credit Union Act, National Credit Union Administration Regulations, Equal Credit Opportunity Act (and Regulation B), Home Mortgage Disclosure Act (and Regulation C), Electronic Fund Transfer Act (and Regulation E), SAFE Mortgage Licensing Act (and Regulation G), Gramm-Leach-Bliley Act (and Regulation P), Fair Credit Reporting Act (and Regulation V), Real Estate Settlement Procedures Act (and Regulation X), Truth in Lending Act (and Regulations M and Z), Expedited Funds Availability Act (and Regulation CC), Americans with Disabilities Act, Bank Secrecy Act, CAN-SPAM Act, Children's Online Privacy Protection Act, E-SIGN Act, Fair Housing Act, Homeowners Protection Act, Military Lending Act, Servicemembers Civil Relief Act, Telephone Consumer Protection Act, Truth in Savings Act, OFAC Rules, Unfair, Deceptive, and Abusive Acts and Practices (UDAAP), and applicable state law and regulation.
Monitor and assess proposed and new laws, regulations, guidance, and case law; draft and submit comments to regulators and trade organizations on notices of proposed rulemaking and proposed rules; and identify, communicate, and oversee timely completion of required actions by appropriate stakeholders in response to new directives.
Identify compliance issues using frameworks like the 5C Model to identify and communicate action needed. Provide recommendations to management, track responses, and validate resolution.
Collaborate on cross-functional projects with internal teams, vendors, and contractors, ensuring compliance requirements and factors are timely and effectively identified, communicated, and considered in the development and modification of Credit Union products, services, service channels, and processes.
Develop and review compliance training materials, assist in staff and Board training, and contribute to ongoing compliance education efforts.
Assist Compliance and Quality Control Analysts in the creation of detailed testing checklists for new products and services, focusing on regulatory compliance, policy and procedure requirements, and high-risk attributes to ensure thorough yet efficient reviews.
Assist in gathering, preparing, and communicating information for internal and external reviews, audits, examinations, and other regulatory engagements.
Support the maintenance of the Credit Union's enterprise-wide compliance risk assessment.
Engage in and complete in-house and external training and professional development opportunities to continuously enhance expertise in compliance requirements, Credit Union operations, and emerging technologies and share knowledge and insights gained with the team.
Understand the Credit Union's policies and procedures to ensure compliance and accountability for managing operational and compliance risks. Adhere to established internal controls and procedures to safeguard assets, prevent fraud, and maintain the integrity of Credit Union operations. Support management of risks, including compliance risk, in a manner that is consistent with the Credit Union's risk appetite statements.
Perform all other duties as assigned.
Knowledge, Skills, and Abilities Required:
Compliance Counsel I:
A Juris Doctor (JD) degree is required.
An active license to practice law in at least one U.S. jurisdiction is required with the eligibility and willingness to be licensed to practice law in Michigan and/or Illinois within the first year of employment.
A relevant compliance certification is required; or a minimum of two years of prior experience interpreting laws and regulations governing a heavily regulated industry with the expectation of obtaining relevant compliance certification within the first year of employment. Examples of a relevant compliance certification include, but are not limited to, the Credit Union Compliance Officer (CUCO) certification from America's Credit Unions or the Certified Regulatory Compliance Manager (CRCM)... For full info follow application link.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
