Job Title: Vice President, Compliance
Department: Operations
Reports to: Chief Operation Officer
Location: Worcester, MA (Onsite)
About Us:
Established in 1928 and driven by a goal to make life more comfortable for our community, Webster First Federal Credit Union has grown to an over one-billion-dollar financial institution, serving over 90,000 members across our banking and lending services. Our mission is to leverage who we are as a credit union to empower our members to live their best financial lives. We focus on members, not profits, and our values of strength, exceptional service, and “New England authenticity” are at the heart of everything we do.
We can’t do it without an exceptional workforce! With approximately 250 employees spread across 15 locations in Massachusetts, Webster First Federal Credit Union is committed to empowering a diverse and inclusive workforce that is representative of the community we serve. Our members come from all walks of life and, not unintentionally, so do our staff. We hire great people from a wide variety of backgrounds, not just because it’s the right thing to do, but because it makes us stronger.
Summary:
The Vice President of Compliance is a key executive leader responsible for overseeing and ensuring that all aspects of the credit union’s operations meet regulatory and legal compliance standards. This role will work directly with the Executive Team to shape the strategic compliance vision of the organization and drive initiatives that ensure compliance with federal and state regulations. The VP of Compliance will oversee the development, execution, and ongoing enhancement of compliance programs, manage the compliance team, and act as the chief advisor on all legal and regulatory matters impacting the credit union. As a trusted leader, the VP will also collaborate closely with internal and external stakeholders, including regulatory agencies, to influence policy and regulatory interpretations.
Essential Duties and Responsibilities:
- Lead the overall compliance strategy for the credit union, ensuring adherence to all regulatory requirements at the federal, state, and local levels, while mitigating legal and financial risks.
- Provide executive leadership and guidance to the Executive Team and Board of Directors on complex regulatory issues and compliance challenges.
- Oversee the compliance program, ensuring continuous monitoring, auditing, and enhancement of processes and controls to maintain regulatory compliance.
- Lead and develop the compliance team, ensuring high levels of expertise, collaboration, and operational effectiveness.
- Represent the credit union in regulatory discussions, industry forums, and in meetings with external stakeholders, including regulators and attorneys.
- Interpret and implement key regulations (BSA/AML, OFAC, Regulation B, C, E, Z, RESPA, TRID, HMDA, GLBA) and ensure their integration into all business operations.
- Collaborate with legal counsel and external advisors to address complex regulatory issues and advise on the legal aspects of product development and operational changes.
- Provide compliance training for senior leadership and staff, fostering a culture of proactive compliance and regulatory awareness across all departments.
- Oversee the BSA/AML and OFAC programs, ensuring compliance with all related laws and regulations.
- Drive the credit union's Fair Lending efforts and represent the organization in the Fair Lending Committee.
- Maintain comprehensive knowledge of emerging regulatory trends and developments, ensuring the credit union is positioned to respond to evolving compliance requirements.
- Collaborate with other departments to integrate compliance with business strategy, aligning operational goals with regulatory requirements.
- Act as a key advisor on risk management and policy development, offering strategic guidance to ensure the credit union’s growth remains compliant.
- Manage compliance audits and investigations, ensuring prompt and accurate reporting and resolving any compliance-related issues.
- Other duties as assigned
- Promote overall BSA Compliance by adhering to all BSA and OFAC Regulations specific to job function and by assisting BSA Department as necessary with any departmental function specific items and;
- Will actively promote the security and privacy of member and employee information through adherence to both information security and physical security policies, procedures, and governing regulations. Training will be completed at least annually for Information Security topics, BSA, and GLBA; annual BSA training will be position specific. Annual training will also include courses on any of the following regulations as they relate to the position described herein: SAFE ACT, Regulations B, C, D, E CC, DD, and Z as well as any training deemed necessary to promote adherence to applicable regulatory requirements.
Qualifications/Requirements:
- Extensive knowledge of financial services regulations (BSA/AML, OFAC, Regulation B, C, Z, RESPA, TRID, HMDA, GLBA).
- Strong understanding of legal compliance and regulatory risk management in the context of credit unions and financial institutions.
- Proven experience in leading cross-functional teams and working with senior executives to shape strategic initiatives.
- Proven supervisory experience with a track record of effectively leading, developing, and motivating compliance or cross-functional teams to achieve organizational goals and maintain high standards of regulatory adherence.
- Exceptional communication, negotiation, and leadership skills, with the ability to engage and influence senior stakeholders and external partners.
- Strong critical thinking and problem-solving abilities, with the capacity to navigate complex regulatory challenges.
- Demonstrated punctuality and consistent attendance in adherence to scheduled work hours.
Education and Experience:
- 8+ years of compliance experience in the financial services industry, including leadership roles overseeing compliance programs.
- Bachelor’s degree required; Juris Doctor (JD) or equivalent advanced degree strongly preferred. Relevant compliance certifications (e.g., NCCO, CUCE) are highly desirable.
Physical Demands & Work Environment:
This role primarily takes place in a professional office environment and involves sedentary work, at a desk or teller station, using a computer, and engaging in phone or video conversations. The noise level is generally moderate. Employees may need to sit or stand for extended periods, move about the office, and occasionally lift, push, pull, or carry items up to 20 pounds. Some repetitive motion including movements (motions) of the wrists, hands, and/or fingers. Employees are required to have visual acuity to perform activities such as transcribing, viewing and using a computer, and reading documents, as well as the ability to communicate verbally with colleagues, supervisors, members, and visitors. Reasonable accommodations will be provided as needed.
