Within each of these facets are a tremendous amount of contracts involving different agents. Each area will present diverse contracts that will need to be assessed for compliance to the rules and regulations of the federal, state, and local governments, not to mention the bank's own compliance on its established procedures and practices.
In effect you will have to be responsible to oversee other managers, such as those possibly involved in residential mortgage lending, and commercial real estate lending. Managers who deals with secured consumer credit as well as with the issuance of credit cards will need constant evaluation to be sure that they and their departments are in strict compliance of the bank's established procedures and practices in relation with their departments.
You will, of course, be expected to provide each of those departments total compliance, support, and services, but you will also be responsible for the education and training required for bank compliance. You will also need to have thorough experience in tracking agent performance for each department.
Not only will you be responsible to assess each of those departments in relation to their compliance to procedures and practices, but you will also be responsible for improving the effectiveness of each of those department's bank management. Thus you will need to not only be knowledgeable of their specific responsibilities, but to also be able to make recommendations to each management sector if any problems are found.
It would behoove you, therefore to be highly knowledgeable of all applicable state and federal regulatory requirements, as well as being thoroughly aware of all internal policies, for each department, whether it be residential or commercial lending, credit and credit cards, or mortgage lending. Part of your job will be to thoroughly review any marketing material for adherence to the compliance requirements in that specific sector.
When hiring a consumer banking compliance manager, besides a 4-year college degree, banks usually prefer that you have invested years of financial services consumer compliance, as well as examination, auditing, and monitoring experience. They will also expect such an applicant to have work experience within different retail banking operations.
You will need to give proof of your experience in having handled ''conflict of interest'' banking issues that may have risen. These kinds of conflicts arise very frequently in banking, often by accident, but regardless of how they came about, they must be solved quickly and efficiently. Part of your responsibilities will involve the tracking of the various status as well as the resolution of specific compliance issues that you have identified by conducting internal audit compliance reviews, and also various management reviews. You will therefore need to deal with not only internal auditors, but with external auditors as well, and finally with bank examiners also.
