Director of Fair Lending Compliance

at  Best Egg

Best Egg is the leading financial confidence platform that provides flexible solutions to real-life challenges for people with limited savings. We leverage real-time customer insights and data science to connect more people with the right products for their financial needs. Our offers include a growing suite of products such as personal loans, a credit card, and flexible rent, which are complemented by a suite of financial health tools to help customers make smart financial decisions and stay on track, so they can be money confident no matter what life throws at them.
Our culture and values inspire our employees and customers to embrace Best Egg. We are committed to championing a culture of inclusiveness and diversity of thought, and we focus on providing a safe, flexible, and collaborative work environment. Our employees are encouraged to engage in creative problem solving, and we promote opportunities for growth and enrichment across the organization.
If you are inspired by inspiring others, Best Egg is the place for you.
Best Egg promotes diversity and equal opportunity. We are committed to building a team that represents a variety of backgrounds, perspectives, and skills. The more inclusive we are, the better we will grow.
We are seeking a highly experienced Director of Fair Lending Compliance to join the Compliance team. The Director of Fair Lending Compliance will be responsible for ensuring that Best Egg complies with fair lending requirements found in law and/or regulation and in accordance with our bank partners’ fair lending programs. The Director of Fair Lending Compliance will be responsible for monitoring Best Egg’s compliance with applicable laws and regulations as well as implementing and maintaining fair lending policies, procedures, and appropriate training. The Director of Fair Lending Compliance will report to Best Egg’s Chief Compliance Officer and will provide oversight and support to the company’s Fair Lending Officer. Additionally, the Director of Fair Lending Compliance will communicate regularly with the partner banks and lead and manage external fair lending exams in coordination with the Fair Lending Officer. The ideal candidate will have a strong understanding of fair lending risk management principles and testing, excellent analytical skills, and the ability to effectively communicate and collaborate across departments and at all levels within the organization and with external stakeholders.

REQUIREMENTS

• Bachelor’s degree in Business Administration, Finance, Law, or a related field. Advanced degree or certification in compliance or fair lending preferred.
• Minimum of 10 years of experience in consumer regulatory compliance or a related field, at least 5 of which was focused on fair lending compliance.
• Expert knowledge of fair lending data analytics and BISG.
• Prior experience with specialized Fair Lending software and analytic tools.
• Strong understanding of fair lending laws and regulations, including ECOA and UDAAP prohibitions.
• Excellent analytical skills with the ability to review and interpret complex lending data.
• Strong communication and interpersonal skills with the ability to effectively communicate with employees at all levels of the organization.
• Detail-oriented with the ability to prioritize and manage multiple tasks simultaneously.
• Ability to work independently and collaboratively in a fast-paced environment.
• Prior fintech, fintech bank, or regulatory experience a plus.

SKILL SET

• Excellent written and verbal communication skills
• Technology savvy
• Ability to influence without control
• Meticulous attention to detail
  $150,000 - $180,000 a year
  In addition to semi-monthly salary payments, this position is also eligible for an annual incentive bonus based on individual and company performance. Yearly incentive bonus target 30% of base salary. This position may also be eligible for a long-term cash and/or equity incentives at a target of 20%.

• Subject Matter Expertise: Serve as Best Egg’s 2nd line of defense (2LOD) subject matter expert on fair lending compliance and risk management.
• Reporting: Develop and implement robust fair lending risk reporting tools to identify, measure, manage, and mitigate fair lending risk for Best Egg.
• Monitoring: Monitor Best Egg’s fair lending compliance controls and ensure the company’s fair lending program is risk-based and appropriate for the size and complexity of the company.
• Develop and Implement Fair Lending Policies, Procedures, and Training: Act as a subject matter expert in support of the design, implementation, testing, and maintenance of fair lending policies, procedures, and training materials to ensure compliance with all fair lending laws and regulations.
• Fair Lending Risk Assessments: Participate in regular fair lending risk assessments to identify and mitigate potential risks related to business products, attributes, policies, procedures and strategies. Drive changes and enhancements to the fair lending program undertaken to respond to emerging risks, industry trends, and stakeholder requirements.
• Fair Lending Testing: Develop testing plans to effectively measure and monitor Best Egg’s fair lending compliance.
• Provide Training and Guidance: Provide training and guidance to employees on fair lending laws, regulations, and best practices to ensure a thorough understanding and adherence to fair lending principles.
• Fair Lending Complaints: Oversee an appropriate response to fair lending complaints including ongoing monitoring for patterns and trends.
• Collaborate with Internal Stakeholders: Collaborate with internal and external stakeholders, including senior management, lending teams, compliance officers, bank partners, and outside and in-house legal counsel, to address fair lending issues and implement corrective actions as needed.
• Advise on Regulatory Changes: Stay current with developments in fair lending regulatory enforcement trends, and industry best practices to ensure ongoing compliance and make recommendations for updates to policies and procedures as necessary.
• Compliance Committee: Serve as a member of the Best Egg Compliance Committee to provide insights and reports to leadership and management on fair lending topics.
• Culture of Compliance: Be an ambassador for the Compliance brand to further Best Egg’s culture of compliance to enforce that Compliance is Everyone’s Responsibility