Job Information
Berkshire Bank Small Business Compliance Specialist in Millford, Massachusetts
Position : Small Business Compliance Specialist
Location : Millford, MA
Division: Commercial
Department: Loan Documentation & Servicing
Reports to: VP, Commercial Compliance Manager
Status: Non-Exempt
Grade: 7
Pay range: $20.50 - $35.99
Location: Hybrid within MA, NY, CT, VT, RI
Purpose/Objective :
Assists in maintaining commercial and small business lending’s compliance with BSA requirements including Customer Identification Program (CIP), Customer Due Diligence (CDD) and Beneficial Ownership, Home Mortgage Disclosure Act (HMDA), the Community Reinvestment Act (CRA), Fair Credit Reporting Act (FCRA), regulatory flood insurance requirements, and Regulation B requirements. Additionally, must keep abreast of regulatory and legal developments governing bank operations, products and services in relation to all regulatory processes.
Key Accountabilities :
Monitors new commercial and small business loans on monthly to ensure accuracy in government reporting of the Community Reinvestment Act and Home Mortgage Disclosure Act data. Monitors new commercial and small business loans monthly to ensure compliance procedures are followed for CIP, CDD and Beneficial Ownership, FCRA, Flood Insurance, and Regulation B. Follows up with appropriate personnel to remediate errors identified. Identifies strengths and weaknesses and effectively communicates areas of improvement and recommended solutions. Responsible for identifying issues and notifying the Small Business Compliance Officer. 75%
Stays abreast on updated regulations and collaborates with the CRA, Compliance, and Commercial Banking teams to implement regulatory and procedural changes. Stays up to date with the bank’s lending practices and procedures to perform thorough compliance reviews. Assists with CRA and compliance training on an ongoing and as needed basis, but no less than annually, for commercial and small business lending and underwriting staff. Assists with projects to ensure successful rollout of major initiatives with compliance implications. 25%
Assume additional responsibilities and duties as necessary to ensure department objectives are met.
Ensures compliance with all banking laws, rules, regulations, and prescribed policies/practices/procedures necessary to reduce risk and uphold ethical standards related to and required by one’s duties.
Education:
- BS/BA preferred or equivalent experience in regulatory compliance responsibilities, preferably in lending related regulation and laws
Experience:
5+ years’ experience of well-rounded general banking knowledge
2+ years’ experience in compliance monitoring or loan underwriting
Skills & Knowledge:
Thorough knowledge and understanding of compliance and regulatory requirements applicable to CRA, HMDA, the Patriot Act, Flood Insurance and Regulation B
Detail oriented & analytical
Strong verbal/written communication skills
Proficient Microsoft Office applications (Word, Excel, PowerPoint)
Strong interpersonal and customer service skills
Excellent organizational skills; ability to multi-task
Berkshire Bank is an Equal Opportunity Employer - all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity or national origin.