Compliance Advisory Manager, Cross River
$150-175k
Office located in Fort Lee, NJ
Banking and fintech services
Posted today
Banking and fintech services
1001+ employees
Posted today
$150-175k
Office located in Fort Lee, NJ
1001+ employees
Company mission
To enable clients to deliver responsible financial solutions that empower consumers anytime, everywhere.
Role
Who you are
- 1-3 years of direct regulatory compliance experience supporting credit card lending function
- Demonstrable experience in building relationships such as through consulting, partnership creation, onboarding, or marketing
- Ability to communicate effectively with business, compliance and technical stakeholders and translate requirements across stakeholders
- Strong knowledge of consumer compliance laws and regulations impacting card programs, including, but not limited to TILA/Regulation Z, ECOA/Regulation B, FCRA/Regulation V, as well as strong knowledge of card network rules and card industry best practices. CRB’s current BIN association is with Visa
- Ability to draft internal memos, or company policies as required
- Ability to work in a team environment and assist with reviews, projects and/or team initiatives
- Strong organizational skills and willingness to take ownership and responsibility of tasks
- Ability to manage multiple projects simultaneously with minimal supervision
What the job involves
- Cross River’s Compliance team ensures our business follows consumer compliance regulations, industry best practices, and established Bank procedures.
- This role supports the Bank’s offering of consumer and business-purpose card products in conjunction with third-party providers. Before the Bank can onboard a new third-party provider, the Bank must perform due diligence.
- Once a third-party provider is onboarded, regular compliance oversight includes ongoing compliance monitoring and testing.
- The Credit Card Compliance Specialist will initially be tasked with leading the due diligence, approval and onboarding processes, and will then expand into ongoing compliance monitoring and testing
- Create strong internal relationships across different Bank functions in order to contribute compliance subject matter expertise during prospective third-party provider meetings
- Review due diligence submitted by prospective third-party providers including documentation of CMS, regulatory policies and procedures, compliance charter, application flow, application disclosures, and cardholder agreements, against consumer compliance regulations, card network rules, card industry best practices, and in accordance with FDIC Credit Card Activities Guidance and established Bank procedures
- Develop thoughtful analysis and draft follow up questions on the due diligence materials provided by the prospective third-party providers. Recommend additional control enhancements and or testing as necessary and appropriate
- Act as compliance liaison to “hold hands” with third-party providers, including facilitating meetings, during the due diligence and onboarding phases
- Execute ongoing monitoring reviews in accordance with the established procedures to provide ongoing independent assessment of compliance with applicable rules and regulations
- Review consumer marketing of lending products for compliance with applicable regulatory requirements
- Identify compliance risks associated with proposed product offering and/or business practices. Provide advisory support to external partners on interpretation and application of consumer compliance requirements, as well as Bank policies, to proposed changes
- Support the Compliance management and reporting responsibilities during the onboarding process
Our take
Cross River is a fintech and banking company that builds scalable embedded payments, cards, lending, and crypto solutions for businesses and individuals. Now a unicorn company with a valuation exceeding $1 billion, Cross River was founded in 2008 as a way to combine the innovations of financial technology with the existing world of banking.
Cross River has partnered with rising fintech businesses such as Ibanera, helping the Florida-based company build an all-in-one cross-border payments service. The company’s bigger picture approach has allowed it to develop several arms in the lending, compliance, and capital market sectors, amongst others, leading to a corporate flexibility that is crucial in the rapidly-evolving market.
Cross River was named as one of several companies under investigation for facilitating PPP fraud in the US as of December 2022. It has also come under intense scrutiny from the FDIC for allegations of unsafe banking practices in relation to its lending activities, with a consent order issued in March 2023. In the wake of the FTX and Silicon Valley Bank collapses the regulatory environment is getting tougher and Cross River clearly needs to ensure its processes and activities are compliant with the law if it is going to return to its previous position of growth.
Freddie
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 4 rounds)
Mar 2022
$620m
LATE VC
Apr 2020
$100m
SERIES C
Total funding: $848m
Company benefits
- Retirement planning
- Employee development fund
- Ongoing learning and development opportunities
- Volunteer opportunities
- Charitable donation matching
- Monthly happy hours
- Free haircuts in our salon located at HQ
- Complimentary dry cleaning at HQ
- Valet parking at HQ
- Shuttle service to/from NYC
- Gym located at HQ
- River Cafe at HQ
Company values
- Humility
- Integrity
- Creativity
- Compassion
- Responsibility
Company HQ
Fort Lee, NJ
Articles
Leadership
Gilles Gade
(CEO & Chariman)Previously CFO at First Meridian Mortgage, Co-Founder and Managing Director at Chela Technology Partners, Associate Director at Barclays Capital and Investment Banking Associate at Bear Stearns & Company.
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