Director of Compliance Operations

Description

Who We Are

We believe the future of banking is digital, connected, contextual, and customer-first.

We dreamed of a better way of banking for businesses and their busy owners, so we built Thread Bank. Our digital-first solutions combine best-in-class technology with a streamlined customer experience to reduce the time, effort, and mental energy required to do everyday business and personal banking.

Next, we created an easy-to-implement, easy to sell, embedded banking solution. It empowers business technology platforms to offer the same simplified, secure, small business banking experience we offer our customers. These partners use our embedded banking to diversify and strengthen relationships with their customers, who in turn experience digital banking provided by people they trust.

And we didn’t stop there.

We are continually innovating and investing in building our financial ecosystem. Through meticulously selected partnerships, we utilize our technology platform and charter to empower other banks, credit unions, and Fintechs to integrate fully compliant financial solutions into their customer experience without the hassle of building them.

Connected, together, we thrive.

Position Summary

The Director of Compliance Operations is a direct report to the Chief Compliance Officer and will be responsible for the oversight of the compliance operations team, to include oversight of the bank’s Compliance Management System (CMS), first and second-line compliance functions, training, regulatory exam and audit preparation, risk assessment(s), partner due diligence, and all other CMS responsibilities as assigned.

Thread Bank maintains a strong culture of compliance, and this is a unique opportunity to continue to develop and mature our risk-focused Compliance Management Program, which will support both the growth and success of the company. Ideal candidates will be those who are proactive, resourceful, and thrive in a fast-paced, creative, hands-on environment, and who truly enjoy building things from the ground up!

Essential Functions

• Oversee a team of compliance analysts tasked with monitoring banking products, services, and operations to identify compliance risks and ensure current processes adhere to bank policy and regulatory requirements
• Assist the Chief Compliance Officer with the daily management of the bank’s Compliance Management System and staff
• Maintain working knowledge of banking laws and regulations
• Conduct research as assigned and provide information regarding regulations, regulatory changes, and the potential impact to Thread
• Assist in the administration of independent, state, and federal supervision activity
• Serve as a liaison with Internal Auditors, State and Federal Regulators
• Assist with audit and exam preparation
• Prepare compliance-related reports for the Chief Compliance Officer, Senior Leadership Team, and/or Board of Directors
• Oversee and perform consumer complaint investigations, responses, and tracking
• Research, analyze, and interpret complex regulations to respond to internal and external compliance-related inquiries
• Serve as a compliance subject matter expert
• Schedule, assign, and/or conduct compliance training for the Bank, it’s Board of Directors, and/or its Embedded Banking and Embedded Lending Partnerships
• Oversee and/or conduct monitoring and testing of the Bank’s Embedded Banking partnerships to ensure compliance with all state and federal laws and regulations
• Oversee the tracking and completion of compliance-related risk improvement activities
• Assist with the management of the Bank’s Community Reinvestment Act (CRA), Fair Lending, and Home Mortgage Disclosure Act program(s), as applicable
• Prepare and evaluate management responses to compliance reports, track findings, and verify that remediation efforts are completed
• Oversee the review and approval of compliance-related disclosures, end user agreements, and/or marketing materials
• Develop and implement compliance policies, procedures, and guidelines
• Prepare or oversee the completion and implementation of compliance-related risk assessments
• Oversee the compliance evaluation and due diligence of Embedded Banking or Embedded Lending partnerships
• Assist with and/or oversee the completion of the Embedded Banking or Embedded Lending risk assessments, scorecards, etc.
• Participate and/or lead specialized compliance or compliance-related projects
• Oversee the review of diligence materials on third-parties, vendors, and/or partners to meet regulatory requirements and risk tolerances
• Perform other job duties as assigned.
  
  

Requirements

• Minimum of 10 years Banking experience with a focus in regulatory compliance
• Bachelor’s or Master’s Degree in applicable field and Certified Regulatory Compliance Manager (CRCM) or related professional certification(s)/designation(s) preferred
• Experience leading a team in a complex financial services environment (embedded banking, embedding lending, embedded payments)
  
  

Working Conditions

• This role will typically be performed in an office-based setting. The noise level in the work environment(s) is relatively quiet. This position will also be eligible for remote work capabilities.
  
  

Cognitive and Physical Demands

• Daily/majority of the day: maintain a stationary position, operate a computer and other office productivity machinery, communicate information and ideas so others will understand.
• Daily/consistent: Use of professional judgement in alignment with Thread Bank’s values and policies.
• Frequently: Learn new software applications and recall important processes.