Standby Letter of Credit Specialist

at  US Bank National Association

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.

JOB DESCRIPTION

The Standby Letter of Credit Specialist will take a leadership role in managing the Auto Extend portfolio within the Standby Letter of Credit Team. This role is critical to ensuring that the Auto Extend process is executed accurately and in accordance with credit policy and the terms of each letter of credit. The specialist will be responsible for coordinating with business lines and relationship managers, monitoring relevant queues and shared mailboxes, and ensuring that all necessary Notices of Non-Extension are processed and dispatched within the required deadlines.

Key Responsibilities:

• Take ownership of the Auto-Extend portfolio, ensuring that all processes are managed effectively and within the stipulated Standby Letter of Credit (SLC) timelines.
• Contact the business line and/or relationship manager to obtain approval for Auto-Extending SLCs.
• Monitor incoming approvals and instructions from business lines.
• Monitor instructions received from business lines to send out a Notice of Non-Extension.
• Track deadlines closely to ensure that a Notice of Non-Extension is sent out if approval is not received from the business line or relationship manager per credit policy.
• Process Auto-Extensions where applicable and ensure all deadlines are met.
• Prepare and process Notices of Non-Extensions, ensuring that they are dispatched before the required deadline as specified in each SLC.
• Monitor deadlines to ensure compliance with the terms of standby letter of credit. Failure to meet these deadlines could result in significant financial and reputational risk to the organization.
• Maintain clear and consistent communication with business lines, relationship managers, and other relevant stakeholders to ensure all parties are informed and aligned.
• Ensure all activities comply with internal policies, minimizing risk to the organization.
• Identify opportunities for process improvements within the Auto Extend management process and work collaboratively with the team to implement these changes.

BASIC QUALIFICATIONS

• High school diploma or equivalent
• Six or more years of relevant work experience

PREFERRED SKILLS/EXPERIENCE

• Advanced knowledge of specific international banking products, payment services, foreign exchange and general bank operating policies and procedures
• Strong problem-solving and client servicing skills
• Ability to clearly and concisely share ideas and information with all stakeholders
• Experience in fostering a cooperative and supportive team environment
• Ability to identify and focus on high-priority task to meet deadlines effectively
• Ability to identify and resolve/escalate complex problems with minimal guidance
• Effective verbal and written communication skills
• Proficient computer navigation skills using a variety of software packages including Microsoft Office applications

Key Responsibilities:

• Take ownership of the Auto-Extend portfolio, ensuring that all processes are managed effectively and within the stipulated Standby Letter of Credit (SLC) timelines.
• Contact the business line and/or relationship manager to obtain approval for Auto-Extending SLCs.
• Monitor incoming approvals and instructions from business lines.
• Monitor instructions received from business lines to send out a Notice of Non-Extension.
• Track deadlines closely to ensure that a Notice of Non-Extension is sent out if approval is not received from the business line or relationship manager per credit policy.
• Process Auto-Extensions where applicable and ensure all deadlines are met.
• Prepare and process Notices of Non-Extensions, ensuring that they are dispatched before the required deadline as specified in each SLC.
• Monitor deadlines to ensure compliance with the terms of standby letter of credit. Failure to meet these deadlines could result in significant financial and reputational risk to the organization.
• Maintain clear and consistent communication with business lines, relationship managers, and other relevant stakeholders to ensure all parties are informed and aligned.
• Ensure all activities comply with internal policies, minimizing risk to the organization.
• Identify opportunities for process improvements within the Auto Extend management process and work collaboratively with the team to implement these changes

Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That’s why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following (some may vary based on role, location or hours):

• Healthcare (medical, dental, vision)
• Basic term and optional term life insurance
• Short-term and long-term disability
• Pregnancy disability and parental leave
• 401(k) and employer-funded retirement plan
• Paid vacation (from two to five weeks depending on salary grade and tenure)
• Up to 11 paid holiday opportunities
• Adoption assistance
• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by la