Full-Time

Head of Consumer Compliance

Posted on 10/29/2024

Cross River Bank

Cross River Bank

1,001-5,000 employees

API-driven banking services for FinTechs

Fintech
Financial Services

Compensation Overview

$240k - $270kAnnually

Senior, Expert

Edgewater, NJ, USA

Hybrid role requiring onsite presence for 3 days per week.

Category
Risk Management
Finance & Banking
Requirements
  • Bachelor’s Degree required.
  • Minimum of 10+ years of Consumer compliance experience; experience working for financial institutions or highly regulated industry and/or law enforcement and investigations preferred.
  • Ability to manage complexity, multi-task and deliver solutions on a tight deadline.
  • Experience in BaaS, partner banking, and/or customer/client experience preferred.
  • Experience of working within a strong regulatory/control environment.
  • Strong communication skills, written and verbal.
  • Strong analytical, problem solving and organizational skills.
Responsibilities
  • Manage enterprise-wide regulatory consumer compliance reviews; stay up to date on regulatory initiatives and monitor regulatory changes to keep review documents current; maintain proactive client relationships with department management being reviewed and is the primary liaison with respect to Consumer Compliance
  • Oversight of Compliance CMS, Fair Lending, CRA, Bank Standards, and more.
  • Manage the Bank’s compliance monitoring and testing program, with direct responsibility of the reviews being completed timely, thoroughly, and accurately.
  • Provide assistance to the Chief Compliance Officer on projects, materials prepared for management and committee meetings, and other requested items as needed
  • Assist in the execution of and act as key advisor for the Bank’s Regulatory Compliance Risk Assessments
  • Identify compliance risk across the organization and drive and influence corresponding transformation of control environment
  • Serve as lead regulatory change management subject matter expert in all aspects of the Program and oversee the implementation and operationalization of all relevant regulatory changes
  • Prepare and deliver management reporting on KRIs, KPIs, and any significant developments within the Program
  • Prepare and/or contribute to Board of Director reporting and training materials
  • Comprehensive knowledge of federal and state banking laws including laws of consumer protection, fair lending, CRA and related laws and regulations and the ability to apply those laws and regulations to bank products and services including laws and regulations related to consumer protection, fair lending, and Community Reinvestment (CRA).
  • Knowledge and experience in using analytical techniques to monitor and evaluate products and services to detect patterns of exceptions and to determine the root cause(s) of apparent exceptions of policies and procedures and applicable laws and regulations.

Cross River Bank provides a range of banking services through its API-driven platform, the Cross River Operating System, which allows FinTech companies to easily integrate customizable and secure banking solutions. The company supports small businesses and marketplace lending platforms, notably helping over 100,000 businesses secure Paycheck Protection Program loans during the COVID-19 pandemic. Cross River operates on a "Banking as a Platform" model, offering infrastructure for other financial technology companies to create their own products, while generating revenue through various service fees. The goal of Cross River is to enhance financial services and support small enterprises by leveraging technology.

Company Stage

Late Stage VC

Total Funding

$824.9M

Headquarters

Fort Lee, New Jersey

Founded

2008

Growth & Insights
Headcount

6 month growth

0%

1 year growth

-3%

2 year growth

7%
Simplify Jobs

Simplify's Take

What believers are saying

  • Growing demand for real-time payments offers expansion opportunities for Cross River.
  • Record-breaking new business applications in 2023 present a market for Cross River's services.
  • Support for FDIC's custodial rule could enhance Cross River's credibility in the fintech space.

What critics are saying

  • Increased competition from credit unions may challenge Cross River's instant payment market share.
  • Tightened lending standards and rising interest rates could reduce Cross River's loan revenue.
  • Past FDIC consent order may impact Cross River's reputation and regulatory standing.

What makes Cross River Bank unique

  • Cross River combines traditional banking with innovative fintech solutions for unique offerings.
  • The company provides a customizable, API-driven platform for seamless fintech integration.
  • Cross River's commitment to compliance ensures secure and regulatory-compliant financial services.

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Benefits

Generous parental & leave policies

Completely subsidized health, dental, & vision insurance

Complimentary dry cleaning

On-site haircuts

Endless snacks

Company events

INACTIVE