FINANCIAL INSTITUTION SPECIALIST (Compliance)
Careers That Count.
Join the FDIC as a Financial Institution Specialist
Protect and Connect: The Division of Depositor and Consumer Protection
FDIC bank examiners determine if financial institutions follow safe-and-sound banking practices, implement effective internal policies and procedures, and comply with consumer protection, anti-discrimination, and community reinvestment laws and regulations. This work is critical to the FDIC’s mission of maintaining stability and public confidence in the nation’s financial system. The Financial Institution Specialist (FIS) examiner training program is an opportunity that will place you on the front lines of America’s banking and financial services industry, performing mission-critical work and traveling the country in a unique role that only a few experience. As a FIS, you will develop the skills you need to handle the evolving requirements of the industry, and develop new abilities to help you prepare for and advance in your career.
Why the FDIC?
The FDIC supervises a vast majority of the country’s community banks. These institutions provide loans to farmers and small businesses, make it possible for entrepreneurs to launch start-ups, support local governments as they build libraries and parks, and foster local economies. These essential functions are the very things that help keep America running.
As a FIS in our Division of Depositor and Consumer Protection (DCP), you will enjoy a meaningful career with impact on the financial industry and American banking consumers. Your vital role supports the FDIC mission through these critical functions:
· Evaluating financial institutions to determine if they treat consumers and depositors fairly and operate in compliance with federal consumer protection, anti-discrimination, and community reinvestment laws; and
· Building and strengthening positive connections between banks and consumers, depositors, small businesses, and communities.
Newly hired FISs will report to field managers to begin training and working toward becoming a commissioned Financial Institution Examiner. A commission is a designation given to individuals who meet experience requirements and pass the Technical Evaluation, a test to demonstrate knowledge and mastery of concepts related to bank examinations. The commissioned examiner designation helps enforce professional standards and qualifies individuals to lead examination teams.
Other highlights of our program and work culture:
Professional Development – Entry-level FISs already possess critical skills needed to immediately contribute to examinations. You will receive training to refine your talents and leadership skills. Our FISs are also assigned an individual coach or mentor to help ensure a smooth transition into the FDIC culture.
Rapid Pay Progression – Our FISs can anticipate non-competitive pay progression through a combination of both scheduled annual pay increases and regular promotions as they complete specific training benchmarks. FISs also receive a $2,000 bonus and participate in the FDIC’s merit-based pay program upon becoming a commissioned examiner.
Work/Life Balance – We offer reasonable work hours, flexible work schedules, and telework opportunities to help employees lead a fulfilling life outside of work.
Commitment to Diversity, Equity, and Inclusion – The FDIC achieves its mission by creating an inclusive work environment that recognizes and appreciates all employees’ perspectives and talents, allows employees opportunities to reach their highest potential, and attracts and retains the most talented employees.
What will you do?
American banking consumers look to the FDIC to ensure that financial institutions keep their money safe, treat them fairly, provide them with products and services that help them meet their financial goals, and serve the needs of their communities. As a FIS in DCP, you will be part of a team that assesses banks to determine whether they maintain effective internal controls and procedures to comply with all applicable laws and regulations, such as those relating to consumer protection, privacy, community reinvestment, and fair lending.
Under the direction and supervision of a more experienced examiner, some of the duties you will perform include:
· Reviewing the initial disclosures, periodic statements, advertisements, and other information financial institutions provide to consumers;
· Assessing financial institutions’ overall compliance with applicable regulations, such as the Truth in Lending Act, Home Mortgage Disclosure Act, Fair Credit Reporting Act, and Equal Credit Opportunity Act;
· Reviewing the Home Mortgage Disclosure Act loan application register for accuracy and assessing the bank’s overall reporting procedures;
· Examining residential, consumer, commercial, and agricultural loan files to determine compliance with applicable lending-related regulations;
· Participating in the discussion of the examination process for evaluating the bank’s Compliance Management System, which includes senior management oversight, policies, monitoring, training, and audit procedures;
· Reviewing the financial institution’s performance under the Community Reinvestment Act, participating in discussions regarding assigned ratings, and preparing a summary of each performance factor describing why the rating was assigned; and
· Preparing drafts of schedules, exhibits, and comments for inclusion in the report of examination.
The FDIC is now accepting applications for FIS positions within the Division of Depositor and Consumer Protection September 15, 2022 at 11:59 pm (ET). To be considered, you must:
· Be a U.S. citizen;
· Have obtained or will obtain a bachelor's degree (or higher) from an accredited college or university by June 30, 2023;
· Have a major in Accounting, Banking, Business Administration, Commercial or Banking Law, Economics, Finance, Marketing, or other related fields; and
· Have a minimum GPA of 2.95.
FIS positions will be available in select locations across the country. As an applicant, you may select up to three of these locations for consideration. Please note: Starting salaries range from $57,607 to $80,541 per year, depending on location, with regular salary increases and an excellent vacation and benefits package.