Fair Lending and Responsible Banking Director, SoFi
$153.6-264k
+ Bonus
Office located in 234 1st St, San Francisco, US or 860 Washington St, New York, US
Mobile & online personal finance services
Be an early applicant
Mobile & online personal finance services
1001+ employees
Be an early applicant
$153.6-264k
+ Bonus
Office located in 234 1st St, San Francisco, US or 860 Washington St, New York, US
1001+ employees
Company mission
To help people reach financial independence to realize their ambitions.
Role
Who you are
- Possess and maintain superior knowledge of compliance laws and regulations including UDAAP and other applicable consumer compliance regulations
- Ten (10) plus years of compliance or risk experience at large regional financial institutions with at least seven (7) in a people leader role and at least five (5) focused on complaints oversight
- Applied experience in execution of complaint monitoring
- Excellent verbal and written communication skills including testing and monitoring reports and exam and audit responses
- Substantial broad-based knowledge and experience in applying laws and regulations, designing, managing and overseeing compliance programs, and processes and handling regulatory matters
- Ability to manage implementation of regulatory requirements with assigned business units
- Strong analytical skills
What the job involves
- This role will work closely with the Fair & Responsible Banking Officer to manage SoFi’s 2nd line Complaints Oversight program (the “Program”)
- As a subject matter expert, this role will consult on Complaint Management and regulatory risks, controls, issues and governance across the enterprise; educate business and other compliance partners on Complaint Management expectations; oversee execution of the Complaint Monitoring Plan; and develop and deliver Complaint Oversight Program updates to senior leadership and applicable Committees
- Develop, maintain, and enhance Complaint Management policies, standard operating procedures (SOPs), and guidance documents, as needed, to integrate expectations of the Program into Business Unit’s day-to-day activities
- Execute effective governance and oversight of complaint management risk, as engaged by Compliance partners, including review of 1st line complaint handling procedures, review of complaint handling training materials, and monitoring of complaints for adherence to Policy requirements, and potential non-compliance with regulatory requirements
- Provide subject matter expertise, support and leadership to Compliance partners, Business Unit managers, Independent Compliance Testing, and Audit with regard to complaint-related issues and remediations
- Provide oversight and challenge of 1st line’s adherence to Program requirements and recommendations for improvement
- Support the Fair & Responsible Banking Officer in gathering artifacts, reviewing and/or drafting responses for complaint-related regulatory examinations and audits, as needed
- Oversee and/or execute special projects as assigned
Our take
SoFi started by offering ways for students to secure better financial terms on their loans, and now offers a huge range of personal finance products, including bank accounts, loans, mortgages, investment advice, and investment opportunities. Many customers find they have to go to multiple financial service providers to meet all their finance needs, but SoFi overcomes this issue by putting it all in one place.
Its goal, to cover all the financial bases, sets them apart from many of the traditional banks and even some of their digital competitors, such as Avant, which has chosen to focus on providing credit alternatives. Although it is operating in a competitive market with a lot of big players such as Monzo, Revolut, and Starling, the company has managed to raise huge amounts of funding to support its rapid expansion.
SoFi has focussed on global expansion, moving outside the US, and has made a series of acquisitions to support this - including a Hong Kong-based investment app called 8 Securities. After going public on the New York Stock Exchange via a SPAC merger in June 2021, the company has continued to evolve and release more mission-oriented services into its roster, and strengthened its lending capabilities through a $350 million post-IPO loan. To date, the company has sold over $15 billion in personal loan collateral and continues to strengthen its offering.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Few candidates hear
back within 2 weeks
7% employee growth in 12 months
Company
Funding (last 2 of 9 rounds)
Jan 2021
$369.9m
LATE VC
May 2019
$500m
GROWTH EQUITY VC
Total funding: $2.7bn
Company benefits
- Comprehensive health, vision, dental, life insurance, and disability benefits
- Generous vacation and holidays
- Paid parental leave for eligible employees
- 401(k) and education on retirement planning
- Tuition reimbursement on approved programs, up to $5,250 per year
- Monthly contribution up to $200 to help you pay off your student loans
- Great health & well-being benefits including: telehealth parental support, subsidized gym program
- Flexible time off
- Fertility and family planning options
- Free financial classes
Company values
- Put our member's interests first – if we take care of our members' interests, it will best serve our interests.
- Run after problems – we must build a culture of people who run after problems in order to ensure we execute with excellence and “things” do not fall through the cracks.
- Embrace diversity, everyone should feel welcome, included and able to contribute – diversity is a differentiator and our team should reflect society. We should continue to encourage and celebrate diversity.
- Get to the truth and make principle-based decisions – we can only make the best decisions if we have the right data, all of the perspectives, and if we align on the guiding principles.
- Make your footprint bigger than your foot – selfless acts are critical to elevate beyond the impact of our collective individual efforts.
- Do the right thing, if you're not sure, do the harder thing – our business is built on trust and integrity, which requires both adhering to the letter of the law and regulations and doing the right thing for the company and our members..
- Set ambitious goals, be gritty, be accountable - we must hold ourselves and others accountable for delivering our business objectives, for our culture, and for our member.
- Take care of other people and help them grow - our people are our greatest differentiator, if we take care of our people, they will take care of our members.
- Iterate, learn, innovate - we are all responsible for innovation and we must embrace data-driven decisions.
- Be SoFi missionaries - our products, our services, our brand, and our business must be durable over the long term to achieve our mission—be a missionary.
- Don’t forget to smile - our ambition is contagious: it makes us smile to see people inside and outside of SoFi succeed.
Company HQ
The East Cut, San Francisco, CA
Articles
Leadership
Anthony Noto
(CEO)Graduated from the U.S. Military Academy after being a telecommunications officer and captain in the U.S. Army. Has worked as Head of Gobal Telecommunications, Media and Technology at Goldman Sachs, been the COO of Twitter, and also the CFO of the National Football League.
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