Director of Regulatory Compliance, Staff Counsel

    • Job Tracking ID: 512830-622022
    • Job Location: Chicago, IL
    • Job Level: Any
    • Job Type: Full-Time/Regular
    • Date Updated: May 29, 2018
    • Years of Experience: 5 - 7 Years
    • Starting Date: ASAP
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Job Description:

Job Context Information

The Mission Investment Fund’s primary purpose is to support the establishment and growth of ELCA congregations, synods, and affiliated ministries. With over $715 million in assets, MIF fulfills its purpose by providing loans, income-producing investment opportunities and consultative services.

Job Purpose

The Director of Regulatory Compliance and Staff Counsel oversees MIF’s compliance program and provides legal advice and support. The Director enables MIF to fulfill its purpose by protecting the rights of its customers, investors, employees and volunteers, ensuring that all laws and regulations are satisfied, and that related policies and procedures are designed and operating effectively.

Job Responsibilities

1. Compliance strategy - Design, implement and oversee a comprehensive compliance program, including risk assessment and mitigation, training and education of staff and board members, testing, and satisfaction of laws and regulations. Develop and maintain related policies, procedures and calendars.

Proactively review and assess compliance issues associated with new and existing products/services, business strategies, operational capabilities and emerging opportunities. Provide strategic direction to senior management on potential areas of vulnerability and risk.

2. Program management - Gain a thorough understanding of MIF’s operations and strategies, and provide guidance and support to other teams (e.g. operations, accounting, internal/external audit, legal, information technology) to maintain a culture of compliance, implement controls, and assist in resolving any compliance or legal issues.

Collaborate with information technology in the development, implementation and monitoring of MIF’s information security and privacy efforts.

Engage in ongoing research of key regulatory trends, changes and practices

3. Compliance with state laws and regulations - Ensure compliance with all applicable state laws and regulations, including Blue Sky laws and regulations, financial privacy, and unclaimed property laws and regulations.

Coordinate the preparation of MIF’s annual offering circular.

Ensure the timely completion and filing of all periodic state reports, renewals and registrations. Interact with applicable regulatory agencies on state compliance and tax issues.

4. Compliance with federal laws and regulations - Ensure compliance with all applicable federal requirements, including Bank Secrecy Act (BSA), financial privacy, IRS regulations, IRA program management and ACH rules and regulations. Oversee MIF’s BSA/anti-money laundering/OFAC program; serve as MIF’s BSA officer.

Ensure completion and filing of all federal information reporting and manage miscellaneous tax issues.

5. Reviews - Monitor and coordinate with other teams to remain abreast of the status of all compliance activities and monitoring systems. Serve as an internal review and evaluation body to assess and report on the design and effectiveness of compliance activities and systems.

Coordinate MIF’s efforts and serve as liaison for various external compliance reviews, audits and examinations.

6. Contracts - Draft and negotiate contracts, working closely with colleagues on contract matters and ensuring inclusion of certain minimum provisions. Monitor performance under and compliance with contract terms. Manage contract termination process, as necessary.

7. Customer relations and marketing - Review or cause to be reviewed all disclosures, mailers and advertising material to ensure compliance considerations have been satisfied.

Ensure clear, consistent communication to external audiences regarding investors’ rights and obligations associated with various types of account ownership and/or fiduciary relationships. Prepare and facilitate periodic consumer privacy notice updates.

8. Legal - Provide thorough, accurate, timely and practical legal advice with an appropriate risk/reward balance on all applicable issues.

Facilitate updates to MIF’s Board of Trustees regarding their fiduciary responsibilities.

Review complaints received by MIF for any underlying compliance-related or legal issues, and assist in resolution. Participate in the resolution of troubled credits and disputed matters.

Assist in the interpretation of legal documents (including donor intent for legacy gifts to MIF).

9. Other duties as assigned.

Travel.

Able to travel by plane and car as needed.

Physical Effort.

While performing the duties of this job, the employee is regularly required to talk and hear, use hands and fingers to operate a computer and telephone. This position requires sitting for long periods of time. Reasonable accommodations can be made to enable individuals with disabilities to perform the essential functions.

 

Experience and Skills:

1. J.D. from an accredited law school. Specialized education in securities, banking, or savings and loan industry desirable.

2. Minimum of three years’ experience in a compliance oversight function. Three to five years of law firm and/or internal counsel experience supporting the financial services industry preferred. Familiarity with not-for-profit organizations desirable.

3. Strong knowledge of regulatory and other compliance considerations related to the financial services industry. Ability to research and interpret regulatory statutes and translate them into practical application.

4. Strong negotiating skills related to contracts and compliance matters.

5. Ability to function both independently and collaboratively in a deadline intensive environment, managing multiple responsibilities while effectively focusing on priority issues.

6. Exceptional analytical, organization and problem-solving skills. Superb attention to detail and accuracy.

7. Excellent writing skills, including the ability to draft policies, respond to regulators’ inquiries and correspond with customers in easily understood, consumer-appropriate language.

8. Strong interpersonal and communication skills with the ability to work well across a variety of constituencies with varying degrees of financial and legal knowledge

Required certifications or licenses:

Admission to at least one bar (active/good standing)

Certified Regulatory Compliance Manager (CRCM) desirable