What are the responsibilities and job description for the CRA Performance and Compliance Manager position at WSFS Bank?
Job Description
At WSFS Bank, we empower our Associates to grow their careers, guide our customers to secure their financial futures, and actively support our Communities so they can fully thrive. Careers with WSFS Bank offer an inclusive and supportive culture, competitive salaries, advancement opportunities, and more. We are the region's locally headquartered bank and wealth management company. We are honored to consistently be named a Top Workplace by our Associates, who make a difference every day for the people, businesses, and Communities we serve. We Stand For Service® is more than part of our name, it’s our mission and our purpose.
The CRA Performance and Compliance Manager will Facilitate the leadership and administration of WSFS Bank’s Community Reinvestment Act (“CRA”) compliance and performance, including overseeing WSFS’ financial education program. The incumbent will ensure applicable laws and regulations are met by transactional/quality control testing and ongoing internal assessments of WSFS’ CRA performance. The incumbent will also provide compliance guidance to internal management based on analysis and interpretation of regulations and CRA performance. This position is responsive to new regulation as well as changes to existing regulations. In addition, the CRA Performance and Compliance Manager is responsible for providing compliance support, communication, and interpretation of CRA compliance rules and regulations and researching regulatory issues as they arise.
Job Responsibilities:
- Develop and implement strategies to enhance WSFS’ CRA performance with a goal of achieving an Outstanding rating.
- Conduct Community Needs Assessments and proactively interact with community leaders, non-profit organizations, and centers of influence in the Bank’s assessment areas and represent the Bank at relevant, civic, community and other functions with the aim of raising the community’s exposure to the Bank’s CRA programs.
- Oversee the financial education program for the company with a specific focus on engaging Financial Education Champions to expand the reach across our footprint. This includes defining specific expectations for Financial Education Champions so we can create capacity targets and goals for number of presentations and measuring the impact of this programming as part of our broader volunteer efforts.
- Provide leadership to the Financial Education and Inclusion Manager in conjunction with members of the CRA team to understand the needs of the communities we serve and partner with the Product Managers to ensure we are offering products to support specific segments within the unbanked and underbanked community.
- Support the efforts of our Community Engagement Officers by attending meetings with community leaders and non-profit organizations in the bank’s CRA assessment area, identify credit and services needs within the community. Attend networking opportunities throughout the Bank’s footprint.
- Oversee the CRA Analyst and partner with other groups with the bank to ensure the proper collection and reporting of Community Development Loans, Investments, and track Service Activities.
- Manage software systems and act as systems administrator. Ensure that data is loaded into the system and scheduled software updates are performed.
- Prepare documentation packages that support and explain the CRA eligibility and details of the activity. The incumbent will also review and analyze data to identify, track and create backup documentation.
- Develop and review periodic CRA related reports (e.g., loan reports, performance reports) and prepare CRA reporting for the CRA committee.
- Analyze quality control results to identify areas for improvement in the general data gathering process; address procedural breakdowns with appropriate departments/staff and make recommendations to improve operation efficiency.
- Oversee ongoing Associate training and education to ensure Commercial and Consumer Associates understand our objectives for meeting the needs of our low-to-moderate income and majority minority census tracts.
- Conduct research on market conditions, risks, and trends and provide information regarding regulations and regulatory changes to maximize Community Development efforts.
- Identify key risk assessment areas in the bank’s CRA and HMDA performance and retail distribution; participate in remediation efforts, as applicable.
- Ensure that the bank’s community reinvestment activities are tracked, analyzed, and qualified in meeting its Goals in three CRA areas: Lending, Investments, and Services. Collect, analyze, interpret, and document information which supports CRA compliance monitoring results.
- Assist in preparation for, and management of CRA examinations and internal audits, including coordination and the collection of information, materials, and other data.
- Maintain required updates to CRA notice and the Public File.
- Maintain a professional level of industry and compliance proficiency by attending banking industry and compliance seminars and reviewing applicable periodicals.
Minimum Qualifications:
- A Bachelor’s Degree is preferred.
- Minimum of 5 years of regulatory compliance, CRA, Underwriting or audit experience in bank financial services, with a thorough working knowledge of consumer compliance regulations.
- Must have the ability to effectively communicate with management and staff both in written and verbal communications.
- Previous experience in positions requiring a high level of analytical skills to conduct analysis and prepare/interpret reports is required.
- Must have an understanding and knowledge of bank consumer, commercial loan, and investment products; and the Fair Lending laws (Community Reinvestment Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Housing Act, Home Mortgage Disclosure Act and Unfair, Deceptive, or Abusive Acts or Practices).
- Prior experience collaborating with community groups and or nonprofits is preferred.
- Must have a working knowledge of, and experience in the policy and regulatory environment of CRA.
- Must have excellent project management, analytical, written, and oral communications skills.
- Must have excellent interpersonal skills and an ability to build and maintain relationships with internal and external clients.
- Must have knowledge of Microsoft Office software applications.
- Must have agility to adapt to changing priorities (i.e., CRA Modernization).
WSFS Bank is inclusive and supportive of individual needs. If you have a physical or other impairment that might require an accommodation, including technical assistance with the WSFS Bank Careers website or submission process, please contact us via email at careers@wsfsbank.com.
WSFS is an equal opportunity employer. We do not discriminate based upon race, religion, color, national origin, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics.
