Compliance Analyst, Varo
$60-100k
+ Eligible for a bonus & Equity
Fee-free online banking platform
Open for applications
Fee-free online banking platform
501-1000 employees
Open for applications
$60-100k
+ Eligible for a bonus & Equity
501-1000 employees
Company mission
To improve the financial health of our customers through better technology and total transparency.
Role
Who you are
- The ideal candidate will be a self-starter who enjoys a fast-paced working environment, is detail-oriented, and has a strong knowledge of compliance regulations, especially disputes regulations (Regulation E and Regulation Z) and UDAP/UDAAP, to provide second line of defense oversight of complaint
- Strong background in the second line of defense risk management organization, including experience with applicable regulations, such as Reg E, Reg DD, Reg Z, Reg CC, E-Sign, UDAAP/UDAP, FCRA, CAN-SPAM, FDCPA and TCPA
- 2+ years of increasing experience in bank regulatory programs and review of complaints and Reg E/Reg Z disputes
- Solid communication skills, both written and verbal, and the ability to succinctly identify and communicate key information
- Proven ability to build effective partnerships with stakeholders
- Strong analytical and deductive reasoning skills
- A passion for Varo’s mission
- Ability to problem-solve, review and analyze data effectively assess risk, identify root causes of issues and identify operational deficiencies
- Ability to think outside the box and adjust work and deliverables as the business needs and priorities shift
- Strong consumer focus and understanding of UDAP/UDAAP. (Preferred)
- Experience with the Google Suite toolset, and strong knowledge of Excel or Google Sheets. (Preferred)
- Proficiency with Jira and Confluence. (Preferred)
- Previous work in a FinTech or innovative financial institution. (Preferred)
- Experience advising on control design and execution. (Preferred)
- Ability to collaborate and influence internal partners on regulatory issues and remediation. (Preferred)
What the job involves
- We are seeking a Complaints Analyst and Compliance Generalist to join our Compliance Team, and provide second line of defense oversight and monitoring of complaints as well as support for marketing compliance reviews
- While owning complaints oversight, the ideal candidate will also have the compliance knowledge and flexibility to provide support for marketing reviews, and also pitch in and take on additional roles, as part of a small but nimble compliance team
- Consumer Complaints Oversight: Review regulatory complaints and complaint responses, mount an effective challenge to business or first line complaints team responses, as needed, and identify any potential regulatory issues or process improvements
- Consumer Complaints Monitoring and Reporting: Monitor and analyze complaints to understand trends, particularly for issues that could lead to customer harm, identify any potential regulatory issues or process improvements, and prepare regular reporting
- Issue Management: Identify, and then input and track compliance findings within Archer, Varo’s governance, risk and compliance (GRC) system, and work with business owners to remediate the findings
- Compliance Advisory: Provide insights into process improvements, enhancements, and policy changes to reduce the recurrence of complaints, and work with partners and stakeholders to implement such enhancements
- Compliance Advisory: Collaborate with the first line complaints team to advise, educate and enhance the complaints review process, as appropriate
- Compliance Advisory: Review marketing or other customer communications to ensure compliance with applicable regulations, including CAN-SPAM, Reg DD, Reg Z, UDAAP/UDAP, FCRA, and TCPA
- Establish and maintain strong relationships with the first line complaints team and across the business
- The role may also include all or some of the following: Managing the regulatory exam process within the compliance team; Managing compliance policies and procedures; and Other compliance support tasks, as required
Our take
The traditional banking system leaves many US citizens underserved, with some minority groups struggling to access accounts. Varo is one of many companies offering no-fee, high-interest accounts, as it takes on the traditional banks - with additional features such as a rewards program and access to early paychecks.
With many young customers distrustful of traditional banks, Varo has capitalised on this sentiment and grown to serve more than 7 million customers. It has a number of competitors such as Chime and Step, and it's also in competition with established traditional brick-and-mortar banks. However, as the first consumer fintech to be granted a national bank charter in the US, the company is at the front of the fintech revolution with a path to future success.
In response to economic uncertainty, the bank was forced to take cost-reduction measures throughout 2022. The effect has been positive, with a drastic reduction in its burn rate, which had been a primary concern. One point of interest is a shift in marketing strategy that has seen Varo focus more on growing the number of customers using it as their main bank, as opposed to growing overall user numbers. The company also has a new tech unit named "Varo Tech".
Kirsty
Company Specialist at Welcome to the Jungle
Insights
-12% employee growth in 12 months
Company
Funding (last 2 of 8 rounds)
Feb 2025
$29m
SERIES G
Feb 2023
$50m
LATE VC
Total funding: $1.1bn
Company benefits
- Health, dental, vision insurance
- Free life coaching and counseling
- 401k
- Office snacks and drinks
- Flexible PTO
- Company and team outings
Company HQ
Financial District, San Francisco, CA
Leadership
Colin Walsh
(CEO)Former EVP at American Express. Has also worked in banking at Wells Fargo, Visa, Executive Networks, and Lloyds.
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