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Compliance Officer- Fintech Services

Compliance Officer- Fintech Services

Midland States Bank CareersRockford, Illinois, US
30+ days ago
Job type
  • Full-time
Job description

Position Title : Compliance Officer- Fintech Services

Locations : Rockford_IL

Time Type : Full time

Req ID : JR1016-Rockford_IL

At Midland, we’re proud to be a little different. You can see it in our bright orange signs-but there’s more to it than that. With our heartfelt and personalized approach, we’re focused on meeting every customer’s needs with the brightest solutions.

For more than 140 years, we’ve learned by serving customers skillfully with dedication and follow-through, we can brighten every interaction to drive our collective success. And this goes beyond traditional banking.

We foster programs that empower our communities, continuously invest in our employees, and actively pursue brighter futures for all.

Our humble ambition keeps us growing, giving back, and looking ahead. We’re innovating and optimizing our services to ensure we stay unique - providing strength you can count on with heart you can feel.

You might say we’re unlike any other bank.

And you’d be right."

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.

Salary Range : $100,000-$145,000

Position Summary

This role will be responsible for leading and overseeing the compliance efforts of third-party programs, including Banking-as-a-Service (BaaS, or Fintech relationships), throughout the life cycle of the programs. The Compliance Officer-BaaS will report to the Fintech Services Manager and will serve as adviser to the Director of Banking as a Service, Chief Compliance Officer and executive management on appropriate measures to be taken to ensure ongoing regulatory compliance as the Company responds to changing market conditions. This is a leadership role that will also provide compliance expertise and guidance on bank-wide projects and initiatives, ensuring adherence to laws, regulations, and ethical standards.

Primary Accountabilities

People

  • Manages a team of professionals in a customer-centric culture to excel in a fast-paced environment.
  • Coaches, develops, and conducts performance management activities with direct and indirect reports.
  • Identifies high-potential employees for advanced training and development opportunities.
  • Effectively manages poor performers.

Third-Party Compliance Monitoring and Advisory

  • Evaluates and monitors third-party vendor performance to ensure compliance with regulatory requirements, contractual obligations, bank, and industry standards.
  • Evaluates contracts with vendors, emphasizing compliance aspects and risk management.
  • Leads Fintech Partnership Oversight.
  • Provides compliance expertise and guidance on bank wide projects to include Fintech oversight and BaaS as well as new product and system offerings.
  • 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 Project Teams, Fintech Leads, and 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.
  • Maintains policy and standards for consumer & commercial compliance across all Fintech partnerships.
  • Advisory on Third-Party Compliance, advising on potential risks.
  • Serves as the subject matter expert on compliance issues related to third-party relationships.
  • Advises senior management on potential risks and mitigation strategies in the realm of third-party relationships.
  • Collaborates with other departments to direct compliance issues to appropriate existing channels for investigation and resolution.
  • Collaborates with other departments to develop and implement policies and procedures that ensure compliance with federal and state laws and regulations.
  • Reporting, Analysis and Documentation

  • Assists with CRA and Fair Lending data collection and analysis to ensure that third-party CRA and fair lending efforts are aligned with bank-wide goals and expectations.
  • 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 as well as the BaaS program overall.
  • Prepares and presents comprehensive reports to keep senior management informed of the operations, progress, and effectiveness of third-parties compliance programs.
  • Ensures meticulous documentation of all third-party transactions and compliance measures for audit purposes.
  • Builds and maintains strong relationships with key stakeholders and team members within the bank and with third-party bank partners.
  • Other

  • 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 :

  • Bachelor’s degree in finance, Risk Management, Business Administration or a related field preferred.
  • 8+ years of demonstrated experience in banking compliance.
  • Minimum of 3 years of experience leading teams with demonstrated success coaching and motivating team members.
  • Proven ability to collaborate effectively and execute tasks within the designated areas of responsibility.
  • Comprehensive understanding of federal and state banking regulations.
  • Compliance professional certifications required. CRCM (Certified Regulatory Compliance Manager) or equivalent.
  • Banking as a Service and Fintech experience is preferred but not required.
  • Requires up to 10% travel to various locations and company branches and third-party locations across the country. Required to meet multiple priorities and project due dates.
  • Excellent oral, written, and interpersonal communication skills with the ability to instruct others, interpret documents, and write reports and correspondence.
  • Excellent organizational and time management skills.
  • Ability to deal with complex problems involving multiple facets and variables in non-standardized situations.
  • 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

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