The focus for the position is the development and support of best practices for corporate and institutional financial regulations compliance within all jurisdictions in which the company does business—currently: Federal, all states, D.C., Puerto Rico, UK, Australia, and New Zealand. Position responsibilities will involve achieving and growing an acute awareness and understanding of regulation relating to consumer financing, first-party creditor collections, credit reporting, business-to-business transactions and financing, consumer privacy protections, and cyber-security and information security regulation. The individual will have a client service focus, including the ability to find balanced solutions supporting business objectives while mitigating risks and anticipating client needs based on an understanding of business and regulatory environments. Individual will provide guidance based on legal research and policy/procedures understanding; recommend solutions to business units and enterprise; and communicate and collaborate with legal, compliance and business professionals at all levels within and outside the organization. This includes the Company’s North American and International markets.
ESSENTIAL DUTIES & RESPONSIBILITIES·
Assist Director—Legal and Compliance with updating and maintaining UCFS’s Compliance Program to assure compliance with Federal laws and regulations, e.g. ECOA, TIL, FTC Safeguards Rule, FTC Red Flags and Address discrepancy Rules, FTC Cooling Off Trade Rule, FTC Credit Practices Rule, FCRA, FACTA, TCPA, EFTA, FDCPA (best practices), etc. and applicable state laws and regulations governing consumer credit and protection and the equivalent for foreign markets.
Conduct legal research and provide initial guidance on federal and state laws governing consumer financing and sales finance company operations.
Draft and edit business and consumer contracts; update same on annual basis to ensure effectiveness.
Work as directed with Scott Fetzer legal and/or outside counsel regarding federal, state & foreign laws, regulatory actions, litigation, employment matters, business contracts, etc. May serve as key point of contact for UCFS on select litigation matters.
Manage regulatory filing needs including: license applications, annual reports, license renewals and notifications, examinations and inquiries (CFPB & state), and complaints (AG, Dept. of Financial institutions, BBB, Media, etc.) and responses. Escalate complaints to Director—Legal and Compliance, work with same to resolve complex regulatory and complaint matters. Circulate monthly Complaint Registry.
Conduct regulatory and legal compliance reviews on all policies, procedures, systems and processes of operating departments, sales and marketing programs and financial products, credit agreements, applications and consumer forms, and evaluate computer systems controls for compliance. Reporting findings to Director—Legal and Compliance, assist same with updating all policies and procedures to reflect identified changes.
Edit and create compliance training as needed to ensure enterprise compliance.
Serve as member of Company’s Fair Lending Committee, review compliance reports to confirm alignment with Company’s Fair Lending Plan, report Fair Lending issues, maintaining minutes and records of meetings.
Conduct and/or assist with Compliance Audits which may include training and managing staff, performing compliance risk assessments, conducting regular audits and working with operating department management to remediate deficiencies. Modify by enhancing processes to improve efficiency and effectiveness.
Oversee and monitor Federal and state laws and regulations for changes and new requirements; revise forms, policies, procedures, systems and processes as needed, and maintain computer systems consumer loan rules (Early payoff methodology, Late fees, other).
Develop and maintain strong internal and external collaborative relationships.
Serve as an advisor to, and collaborate with management as regulatory matters arise with focus on obtaining business objectives. Review and provide legal updates and/or revisions to regulatory policies and processes.
Keep informed of relevant legislation and rule-making around financial institutions, indirect consumer lenders and debt collectors.
Undertake other special projects as assigned.
SKILLS & ABILITIES
Ability to research, analyze and interpret laws, rules and regulations.
Knowledge of FDCPA, FACTA, FCRA, TCPA, Consumer Credit Protection Act (ECOA, TIL, etc.), Red Flags Rules under FTC, FTC Cooling Off Trade Rule, FTC Credit Practices Rule, EFTA, state laws governing consumer credit.
Ability to draft contracts and negotiate as needed.
Proficient in counselling and advising clients on legal issues, risk mitigation and compliance with company policy and regulatory environment.
Communicate effectively both orally and in writing in a concise manner.
Attention to detail with strong analytical skills.
Ability to organize work and complete in a timely manner.
Ability to multi-task and manage changing priorities on a daily basis.
Ability to work effectively with UCFS employees and customers.
Ability to read, write and perform mathematical calculations.
Ability to understand and follow UCFS policies, procedures and guidelines.
Proficiency with a computer, standard office equipment and computer programs, including but not limited to Microsoft Office Suite (Outlook, Excel, Word) and AS400 up to 8 hours per day.
Juris Doctorate required.
2+ years’ commercial/business legal experience or in a legal compliance position required.
In-house or law firm experience advising internal and/or external clients on consumer finance matters a plus.
Job Type: Full-time