Compliance Officer, Deposits
This leader participates in the development, implementation and administration of the Company’s Compliance Management Program for the SoFi Money product group. This includes support for a Cash Management Account product, which is offers the features of checking and savings accounts. Plans, organizes and controls the company’s day-to-day securities compliance activities, as well as cooperates with the Compliance team in the overall administration of the legal and compliance directives for the company. The primary objective of this role is to serve as a trusted resource for and partner to the business units responsible for driving the growth of the Money product, while mitigating regulatory risk to the SoFi enterprise. Participates in various committees, audits and examinations, as well as tests the processes and infrastructure for the broker dealer that facilitates Money activities. Advises Compliance and Legal personnel on emerging compliance issues and consults and guides the company in the establishment of controls to mitigate risks. Engage with business partners to offer appropriate knowledge, expertise and business acumen to meet the increasing demands of a rapidly changing regulatory environment.
The ideal candidate will have extensive experience with banking regulatory requirements. This includes, but is not limited to, Regulation DD, Regulation CC, Regulation E, Regulation P, Regulation GG, RFPA and others. The SoFi Money product is offered through an affiliated broker dealer, which acts as a deposit broker for a FDIC sweep program; understanding of Securities Act of 33, Exchange Act of 34, and the FINRA Rule Framework would also be helpful. The Compliance Officer may also assist, as needed, with other enterprise compliance initiatives related to supporting regulatory examinations, consumer protection, and oversight efforts.
At SoFi, you’ll become part of a new kind of finance company whose ambition is to help our members achieve financial independence and reach their goals. We aim to be at the center of our members’ financial lives, and to help every member get their money right. We created student loan refinancing, addressing the biggest financial challenge of a new generation through a modern approach to lending and personal finance. Next we expanded our products and services across loans, wealth management, and insurance. SoFi Money—a modern take on a checking or savings account--is our newest innovation and disruption to the financial services industry. SoFi has achieved significant growth, with ambitious plans ahead, but to continue this growth we need great talent. And that starts with you.
- Day-to-day responsibility for management and ongoing evolution of the firm's deposit compliance programs
- Researching regulatory risks, documenting analysis, and communicating recommended or required action
- Assisting with the development, maintenance, and documentation of policies, supervisory procedures, process workflows and standard operating procedures
- Assisting with the management of improvement initiatives from a structural, functional, and organizational change management perspective
- Review and approve communications with the public for compliance with Reg DD, UDAAP, etc. under tight timelines (rate changes, advertising, etc.)
- Preparing comprehensive management reports by collecting, analyzing, and summarizing large quantities of data
- Provide one-on-one education and group trainings on advertising compliance regulations, policies, procedures, and industry best practices relating to compliance.
- Supervise and/or participate in maintenance and administration of the compliance assurance calendar, including creation of tests and testing compliance with firm policies and procedures and follow-up on outstanding issues
- Other duties as assigned
Key Skill Sets and Knowledge Requirements
- 8-10+ years of relevant work experience
- Thorough understanding of regulations applicable to deposit (e.g. checking/savings) accounts
- Degree from an accredited university or significant relevant experience strongly preferred
- Excellent oral and communication skills; must be able to effectively articulate regulatory risks and proposed mitigation
- Ability to work in a fast-paced, changing environment
- Prior experience working with a broker dealer cash management account very desirable
- Ability to analyze and interpret rules, regulations, and policies
- Superior organization skills and attention to detail
- Outstanding ability to develop and foster cross-functional relationships with key stakeholders
- Exceptional experience with the Microsoft Office Suite, particularly with Excel
Desired Skills or Experience
- Series 7 and 24 helpful
- Bank advertising compliance background helpful
- Prior SEO or digital content experience preferred
- Credential such as CRCM is valuable
- Highly competent in time management and task prioritization
- Experience in compliance monitoring, oversight, or assurance programs
- Desire to develop practical, creative solutions that meet business needs while remaining complaint with applicable laws and regulations
- Strong work ethic and ability to remain motivated in an independent work environment
- Competitive salary packages and bonuses.
- Comprehensive medical, dental, vision and life insurance as well as disability benefits.
- 100% of medical, vision, and dental premiums paid by SoFI for employees and their dependents.
- Generous vacation and holidays
- 401(k) and education on retirement planning.
- Tuition reimbursement on approved programs, up to $5,250 a year.
- Monthly contribution to help you pay off your student loans.
- Employer paid lunch program and subsidized gym membership.