Executive, Regulatory Relations - USAA Bank
Purpose of JobUSAA is seeking a strong and motivated Executive Regulatory Relations Leader. The successful candidate will bring vision, energy and significant strategy to drive the development of the Regulatory Relations function. Through thought leadership and strategic influence this leader will serve as the primary business partner for the USAA Bank President and senior executives. This role governs the interactions and all processes related to the Federal Reserve, OCC, FDIC and CFPB on USAA FSB (the “Bank”) products and services. This individual will lead and implement best practices to ensure that the advisory consultant practice of the Regulatory Relations function is proactively and effectively managing the relationship between the Bank and the associated regulators, serving as the liaison between regulators and management and Bank business areas, overseeing timely and accurate fulfillment of regulator information requests, reviewing and advising on a large volume of examinations and data requests, reviewing responses to supervisory letters and reports of examinations and reviewing action plans to address supervisory findings. The Leader will develop and lead a team, be an effective communicator, and develop strong working relationships across USAA including the Risk, Compliance, Chief Legal Office, IT and CFO functional areas.
- Provides thought leadership and strategic direction on regulatory issues and relevant economic and industry trends that can impact the Bank; prepares for regulatory emerging issues, themes and topics
- Facilitates ongoing meetings and regular interaction with the lead Bank regulators to establish strong, positive relationships founded on open communication.
- Oversees suitable accountability of any remediation activity resulting from regulatory supervision, including reporting on progress to the appropriate governance committee, regulator or senior management
- Develops talent to deliver performance and results – including the identification, development and retention of talent with requisite regulatory, risk and compliance capabilities
- Holds self and others accountable for meeting commitments by setting and clearly communicating expectations and roles and responsibilities relative to regulatory relations, risk and compliance
Technical and Risk Responsibilities:
- Formulates regulatory policy priorities for the Bank; ensure timely and insightful previews of upcoming regulations, providing senior management with the strategic implications, consult on responses, design and help execute advocacy and engagement strategies for new and revised regulatory policies, coordinate internal responses with regulators and ensure timeliness and consistency
- Responsible for understanding, assessing and monitoring the Bank’s regulatory risk profile and ensuring appropriate governance structures, policies and controls are in place and operating effectively
- Advises Bank management and staff on supervisory issues and responses to regulators; escalates to executive management regarding matters that can negatively impact the reputation of the Bank or its relationship with the regulators
- Partners with USAA stakeholders to address corrective action and mitigate regulatory risk exposure -- ensures suitable accountability of any remediation activity resulting from regulatory supervision
- Communicates regulatory strategy and compliance as understanding and adherence with laws, regulations and supervisory obligations for Bank products, projects and initiatives
- Designs, develops, reviews and monitors standards and practices utilized for regulatory governance, policies, procedures, training and systems
- Drives the implementation of industry best practices for regulator interactions, regulatory examination management and regulatory governance
- Communicates (oral and written) insights on USAA-specific regulatory engagement issues, in addition to broader regulatory industry-wide issues, themes and topics.
- Interacts with or participates in Bank governance committees, such as:
Bank Risk Management Committee (BRMC)
Bank Executive Committee (BEC)
- Bachelor’s degree is required
- Advanced degree such as MBA or JD is preferred
- A minimum of 12 years of experience in technical discipline (e.g. Regulatory Relations, Risk, Compliance, Legal) with a proven track record leading comparable operations (e.g. regulatory agency engagement, regulatory exam management, regulatory exam policies and procedures) is required
- A minimum of 8 years of people leadership experience in building, managing and/or developing high-performing teams is required
- A minimum of 8 years of relevant experience in a large financial institution ($100 billion +), including 5+ years post-Dodd Frank, in a senior staff role within a regulatory relations, risk, compliance or legal department is preferred. OR A minimum of 10 years of relevant experience in an insurance company in a senior staff role within a regulatory relations, risk, compliance or legal department is preferred
- Experience managing a Regulatory Relations program partnering with Regulators, Boards of Directors, Committees and Senior Executives on regulatory examinations.
Banking-related regulatory and compliance experience with a strong background and broad understanding of Office of the Comptroller of the Currency regulations and examination expectations
- Expert knowledge of Federal Banking Laws and Regulations applicable to large financial institutions (e.g. OCC Heightened Standards, FFIEC Handbooks and Guidance)
- Subject-matter-expertise in the development and communication of complex regulatory materials and guidance (oral and written) considering the appropriate audience.
Demonstrated understanding of the full spectrum of regulatory actions, including examinations and other supervisory engagement and processes, such as:
Home Owners’ Loan Act
Fair Lending laws
Federal regulations and supervisory guidance:
12 CFR Part 238 (Regulation LL)
12 CFR Part 252 (Regulation YY)
12 CFR Part 223 (Regulation W)
12 CFR Part 30, including Appendices A through E
12 CFR 9 - Bank Fiduciary Activities
12 CFR 25 -- Community Reinvestment Act
12 CFR Part 46 (Annual Stress Test)
Federal Reserve Supervisory Guidance Documents:
SR 12-17 (Consolidated Supervision Framework for Large Financial Institutions)
SR 08-08 (Compliance Risk Management Programs)
SR 14-9 (Incorporation of Federal Reserve Policies into the Savings and Loan Holding Company Supervision Program and related applicable guidance)
Bank Holding Company Examination Manual
Federal Reserve proposals concerning Board effectiveness and core principles of effective senior management, management of business lines, and independent risk management and control
OCC Supervisory Guidance Documents:
Large Bank Supervision Handbook
Corporate and Risk Governance Handbook
Key OCC bulletins (Model Risk Governance; Model Risk Management; New Products and Services Risk Management; Third Party Risk Management)
FFIEC: BSA/AML Manual; IT/Cyber Handbooks
CFPB: Consumer Protection Regulations; UDAAP
*Regulatory understanding is for illustrative purposes. Roles would need an understanding of all federal and state laws and regulatory guidance applicable to the organization and responsibilities of the role.
Note: The above statements are intended to describe the general nature and level of work being performed by employees in this position. They are not intended to be an exhaustive list of all duties, responsibilities and qualifications of employees assigned this job.
Industry certifications such as National Bank Examiner (NBE) or Certified Regulatory Compliance Manager (CRCM) preferred.
- Experience building, enhancing and/or maintaining an effective regulatory operating model for a large, diversified financial institution
- Proven expertise in leading and developing teams responsible for supporting regulatory interactions
- Demonstrated ability to deliver results that meet heightened regulatory expectations
- Experience managing multiple projects in a fast-paced environment with numerous senior level stakeholders, highly dependent on clear communication and accurate data
- Expert knowledge of significant regulatory expectations applicable to banking, securities, and insurance businesses
- Experience in leading teams faced with substantial change management challenges.
- Demonstrated experience attracting, developing and retaining individuals with requisite risk and regulatory capabilities
USAA has an effective process for assessing market data and establishing ranges to ensure we remain competitive. You are paid within the salary range based on your experience and market position. The salary range for this position is: $205,500 - $370,100
Employees may be eligible for pay incentives based on overall corporate and individual performance or at the discretion of the USAA Board of Directors.
Long Term Incentive Plan: Cash payment for Executives only representing a cash payment which is both time and performance based
Stipend: As an EMG Member, you will receive an annual stipend (amounts determined by level) which will be paid in quarterly installments.
At USAA our employees enjoy best-in-class benefits to support their physical, financial, and emotional wellness. These benefits include comprehensive medical, dental and vision plans, 401(k), pension, life insurance, parental benefits, adoption assistance, paid time off program with paid holidays plus 16 paid volunteer hours, and various wellness programs. Additionally, our career path planning and continuing education assists employees with their professional goals.
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Relocation assistance is available for this position.