What are the responsibilities and job description for the Compliance Specialist - Fintech Services position at Midland States Bank?
Pay Rate: $22-28/hour
At Midland States Bank, base salary is one component of our Total Rewards program. Exact compensation is determined by factors such as (but not limited to) education, skills, internal equity, and experience. This position offers additional compensation in the form of short-term incentives (i.e. bonus and/or commission) and may include long-term incentives (i.e. stock awards). Benefits for this role include comprehensive healthcare, well-being benefits, paid family leave as well as generous paid time off. Total Rewards also include banking perks, an Employee Stock Purchase Plan, 401K plan with company match and may include the opportunity to participate in our Non-Qualified Deferred Compensation plan. Incentives and benefits are subject to eligibility requirements.
Position Summary
This role will be responsible for assisting the Compliance Officer – Fintech Services in the delivery of the Compliance Management System (CMS) for Fintech partners. The role will have a primary focus in conducting day-to-day due diligence, monitoring and reviewing the bank’s lending, deposit, and operational activities as it relates to the Bank’s Fintech Services business unit. This position is an individual contributor role.
Primary Accountabilities
- Maintains proficient knowledge of applicable federal and state laws, regulations and guidance, including but not limited to - Electronic Fund Transfer Act (Reg E), Truth in Lending Act (TILA), Equal Credit Opportunity Act (ECOA), Fair Credit Reporting Act (FCRA), Servicemembers Civil Relief Act (SCRA)/Military Lending Act (MLA), Expedited Funds Availability Act (Reg CC), Truth in Savings Act (TISA), and other federal consumer protection legislation and regulations.
- Evaluates and monitors third-party vendor performance to ensure compliance with regulatory requirements, contractual obligations, bank, and industry standards.
- 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 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.
- Advises on potential risks and mitigation strategies in the realm of third-party relationships.
- 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.
- Builds and maintains strong relationships with key stakeholders and team members within the bank and with third-party bank partners.
- The role requires occasional travel for training and team meetings, and willingness to travel periodically, to locations within market as needed.
- May require work in a Midland office to ensure collaboration and support of internal and external customers.
- Maintain compliance with all applicable regulations including, but not limited to, the Bank Secrecy Act (BSA).
- Other duties as assigned.
Position Qualifications
Education/Experience:
- High School diploma or GED required, Associate’s degree in Finance, Business or a related field or equivalent experience preferred.
- 2 years of demonstrated experience in banking compliance.
- Banking as a Service and Fintech experience is preferred but not required.
- Strong oral, written, and interpersonal communication skills.
- Strong organization and time management skills.
- Strong attention to detail.
- Ability to work independently and as part of a team.
Competencies:
- Business insight
- Cultivates innovation
- Drives results
- Makes sound decisions
- Being a brand champion
- Collaborates
- Communicates effectively
- Customer focus
- Being Authentic
- Emotional Intelligence
- Self development
- Being flexible and adaptable
At Midland States Bank, we believe that when we can bring our whole selves to work each day, we become happier, more comfortable, more confident and more excited to do great things for our customers, each other and our company. We’re proud to be an Equal Opportunity and Affirmative Action employer. At Midland, we recruit, employ, train, compensate and promote without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status. If you are looking for a place to grow, we encourage you to apply at Midland States Bank, because you belong here.
If you require reasonable accommodation in completing this application, interviewing, completing any pre-employment testing, or otherwise participating in the employee selection process, please direct your inquiries to Midland States Bank Human Resources at HR@midlandsb.com.
THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR EMPLOYMENT
Salary : $22 - $28
