Compliance Officer- Fintech Services

Midland States Bank•Chicago, IL

3d•Hybrid

About The Position

This role will be responsible for leading and overseeing the compliance efforts of third-party programs, including Banking-as-a-Service (BaaS, or Fintech relationships), throughout the life cycle of the programs. The Compliance Officer-Fintech Services will report to the Fintech Services Manager and will serve as adviser to the Director of Banking as a Service, Chief Compliance Officer and executive management on appropriate measures to be taken to ensure ongoing regulatory compliance as the Company responds to changing market conditions. This is a leadership role that will also provide compliance expertise and guidance on bank-wide projects and initiatives, ensuring adherence to laws, regulations, and ethical standards.

Requirements

Bachelor’s degree in finance, Risk Management, Business Administration or a related field preferred.
8+ years of demonstrated experience in banking compliance.
Minimum of 3 years of experience leading teams with demonstrated success coaching and motivating team members.
Proven ability to collaborate effectively and execute tasks within the designated areas of responsibility.
Comprehensive understanding of federal and state banking regulations.
Compliance professional certifications required. CRCM (Certified Regulatory Compliance Manager) or equivalent.
Requires up to 10% travel to various locations and company branches and third-party locations across the country.
Required to meet multiple priorities and project due dates.
Excellent oral, written, and interpersonal communication skills with the ability to instruct others, interpret documents, and write reports and correspondence.
Excellent organizational and time management skills.
Ability to deal with complex problems involving multiple facets and variables in non-standardized situations.

Nice To Haves

Banking as a Service and Fintech experience is preferred but not required.

Responsibilities

Manages a team of professionals in a customer-centric culture to excel in a fast-paced environment.
Coaches, develops, and conducts performance management activities with direct and indirect reports.
Identifies high-potential employees for advanced training and development opportunities.
Effectively manages poor performers.
Evaluates and monitors third-party vendor performance to ensure compliance with regulatory requirements, contractual obligations, bank, and industry standards.
Evaluates contracts with vendors, emphasizing compliance aspects and risk management.
Leads Fintech Partnership Oversight.
Provides compliance expertise and guidance on bank wide projects to include Fintech oversight and BaaS as well as new product and system offerings.
Identifies and analyzes risks associated with new and existing Fintech Leads, third-parties, third-party products, product channels and significant changes in existing products are properly evaluated and adequately communicated.
Ensures that Project Teams, Fintech Leads, and BaaS partners develop and apply policies and procedures with a view to meeting our standards of integrity, as well as federal, state and local legislation and regulations.
Maintains policy and standards for consumer & commercial compliance across all Fintech partnerships.
Advises on potential risks related to Third-Party Compliance.
Serves as the subject matter expert on compliance issues related to third-party relationships.
Advises senior management on potential risks and mitigation strategies in the realm of third-party relationships.
Collaborates with other departments to direct compliance issues to appropriate existing channels for investigation and resolution.
Collaborates with other departments to develop and implement policies and procedures that ensure compliance with federal and state laws and regulations.
Assists with CRA and Fair Lending data collection and analysis to ensure that third-party CRA and fair lending efforts are aligned with bank-wide goals and expectations.
Gathers trends and analyzes complaint data and event escalations from third parties, ensuring appropriate corrective actions are taken.
Prepares internal risk assessments of individual third-party relationships as well as the BaaS program overall.
Prepares and presents comprehensive reports to keep senior management informed of the operations, progress, and effectiveness of third-parties compliance programs.
Ensures meticulous documentation of all third-party transactions and compliance measures for audit purposes.
Builds and maintains strong relationships with key stakeholders and team members within the bank and with third-party bank partners.
Maintain compliance with all applicable regulations including, but not limited to, the Bank Secrecy Act (BSA).
Other duties as assigned.