Product Compliance Associate, Step
$104-156k
+ Stock
Mobile banking that helps build credit
Job no longer available
Mobile banking that helps build credit
201-500 employees
Job no longer available
$104-156k
+ Stock
201-500 employees
Company mission
To create a bank that gives users the tools to become smarter with their money and reward them along their financial journey.
Role
Who you are
- Bachelor’s degree with a minimum of five (5) years of proven and progressive experience; preferably in a compliance role with a financial institution or fintech
- Experience in consumer banking, lending, payments, and deposits
- Have extensive knowledge in financial / fintech regulations and network rule compliance within products including, but not limited to:
- TILA/Reg Z, ECOA/Reg B, FCRA, UDAAP, EFTA, SCRA/MLA, GLBA, COPPA
- SEC broker-dealer and investment advisory
- Credit model regulatory compliance
- All other applicable regulations and network rules
- Experience growing existing compliance infrastructure and internal controls
- Proven track record of successful cross-functional collaboration across internal stakeholders
- Ability to independently advance progress with limited oversight
- Superb verbal and written communication skills
- Strong analytical skills and impeccable attention to detail
What the job involves
- Support design, development, and go-to-market implementation of new products, features, and initiatives while ensuring compliance with applicable laws, rules, and regulations
- Act as primary expert and advisor on all Step product compliance matters
- Serve as counterpart and liaison on product compliance matters with bank partners to facilitate compliance and credit model reviews and approvals
- Analyze and summarize various regulatory developments and industry innovations impacting the business
- Stay informed and maintain a deep understanding of consumer protection, lending, and fintech regulations
- Collaborate with cross-functional teams (product, engineering, marketing, design, and risk) to support the launch and post-launch activities of new products and features
- Manage product compliance standards for all marketing internally and externally with banking partners and platform partners
- Oversee compliance training programs for employees
- Manage privacy and data security compliance
- Perform and support all product, marketing, and privacy compliance examinations, regulatory inquiries, audits, and risk assessments
- Conduct all vendor and critical subcontractor diligence and reviews
- Provide regular reports on compliance activities to senior management, regulators, and Step’s Board of Directors
Our take
Thanks to an increasingly mobile-native and plugged-in younger demographic, fintechs have a new market to play for: teens and young adults. It’s led to fierce competition, but Step is one of the players leading the pack.
Step’s offering is a fee-free, interest-free visa card, with instant payments and easy account management that is optionally controlled by a parent (or sponsor). The idea is to offer a relatively low-risk sandbox in which young people can build up financial literacy along with a good credit score, whilst enjoying the benefits of digital banking.
The well-funded teen banking service Copper is hot on Step’s heels, however, with both racing to add high-demand stock and crypto investments to their offerings. Onu and Acorns also offer investment opportunities for younger users, and Greenlight has carved out a strong (albeit more traditional) niche focusing on account security.
Some savvy TikTok marketing by Step, along with flashy backing from celebrity investors, has helped it rapidly onboard over 3M users and cultivate strong name-brand recognition among its social network-native demographic. Much depends on how fast it can bring new features to market, but with unprecedented funding awarded to Step in 2022, it is well-equipped to do so through a scale-up of its product infrastructure.
Freddie
Company Specialist at Welcome to the Jungle
Insights
10% employee growth in 12 months
Company
Funding (last 2 of 4 rounds)
Apr 2021
$100m
SERIES C
Dec 2020
$50m
SERIES B
Total funding: $176.3m
Company benefits
- Competitive Medical, Dental, Mental Health & Wellbeing benefits
- 12 weeks paid parental leave, baby bonus to support unexpected expenses and flexible return to work
- 401k Retirement Plan
- Annual Professional Development Reimbursement Program
- Flexible Work From Home and Time Off Policy
- Stock Options
Company HQ
Ventura, Palo Alto, CA
Leadership
CJ MacDonald
(Co-Founder & CEO)Originally worked in Senior Sales and Business Development roles at Synapse, LiveOps, and Luminate, the latter of which was acquired by Yahoo. Subsequently co-founded Gyft, ultimately acquired by First Data.
Alexey Kalinichenko
(Co-Founder & CTO)Previously a Software Engineer at Microsoft and Google, before moving into a Senior Engineer role at Square. Left to serve as CTO for Token.
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