Head of U.S. Community Reinvestment & Strategic Partnerships

Application Deadline:
01/30/2024
Address:
320 S Canal Street
Job Family Group:
Strategy & Change
Job Description: Head of U.S.Community Reinvestment & Strategic Partnerships
The Head of U.S.Community Reinvestment & Strategic Partnerships is a newly created position and represents a senior leadership role responsible for managing the Community Reinvestment Act ("CRA") team (11 FTEs plus 2 planned additional FTEs). The primary focus of this position will be to further advance BMO's deep commitment to community and economic development through a comprehensive approach that includes traditional and emerging banking practices as well as corporate and social impact. The position will report directly to Eric Smith, BMO Vice Chairman and key responsibilities will include:
Community Reinvestment:

• Develop and implement annual strategic initiatives to ensure compliance with regulatory CRA requirements as well as successful execution of the bank's $41.5BN Community Benefit Plan (also known as BMO EMpower 2.0).
• Partner directly with the CRA Officer who will maintain administrative responsibility for management reporting, coordinating regulatory examinations for compliance assessments, and oversight of annual training.
• Partner with U.S. Personal & Business Banking, Consumer Lending, and Commercial Banking/Community Development Banking to develop and implement a strategic business plan focused on achieving CRA requirements for each line of business and market.
• Work with CRA Governance and Fair Lending to assess regulatory performance and receive CRA and Minority lending scorecards.
• Utilize industry knowledge and key relationships to accelerate the pace of CRA-eligible lending and direct investment in underserved communities across BMO's U.S. footprint.
• Partner with banking product development teams to manage marketing strategy and materials targeting CRA and minority communities.
• Develop and conduct training for mortgage sales, operations and retail sales on key programs and services (e.g., mortgage down payment assistance).
• Recommend and champion critical banking solutions and new product capabilities based on analysis of issues and implications for low-to-moderate and minority communities.
• Identify emerging issues and trends to inform decision-making.
• Design and produce regular and ad-hoc reports, and dashboards.
• Apply consultative sales and business development principles to identify, negotiate, and structure CRA-eligible banking transactions that align with BMO's risk appetite.
• Build change management plans of varying scope and type; lead and/or participate in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, and evaluation of initiatives.
• Maintain a working knowledge of pricing benchmarks for the cost of funds for primary deposit products and associated profitability spreads.
• Support the execution of strategic initiatives in collaboration with internal and external stakeholders.
• Work with Vice Chairman and senior leadership to extend the BMO EMpower initiative to include Canada.

Community Development & Strategic Partnerships:

• Cultivate and maintain a collaborative working relationship with local and national community partners focused on supporting the needs of low-to-moderate income and minority communities (e.g., not-for-profit organizations, advocacy groups, CDFIs/MDIs, housing agencies, real estate agents, Freddie Mac, FHLBC, local government agencies, employers, developers, etc.)
• Provide expertise and experience to deepen the impact of BMO's programmatic partnerships focused on advancing community and economic development, including key areas such as housing, neighborhood revitalization, workforce development, education, etc.
• Organize and manage BMO's Community Advisory Council (CAC) and various working groups.
• Maintain relationship and working councils with NCRC and CRC in support of the Community benefits plan
• Work with key internal and external stakeholders to develop community programming tied to recent BMO initiatives to maximize social impact and drive measurable results.
• Participate in regional, market, branch, and community events to foster a positive image of BMO and advocate for increased community awareness of BMO's products and services.
• Identify business needs, designs, develops tools and strategies that may have broader, enterprise-wide focus.
• Collaborate with the Communications and Community Giving teams to ensure that philanthropic investments are appropriately amplified in order to promote increased public awareness.

• Work directly with new and existing strategic partners to promote BMO's advocacy for promoting a thriving and more inclusive U.S. economy.
• In partnership with senior management, work to develop a bolder U.S. strategy for corporate and social responsibility that aligns with BMO's mission to Boldly Grow the Good
• Lead and/or participate in defining the communication plan designed to positively influence or change behaviour; develop tailored messaging; and identify appropriate distribution channels.

Miscellaneous:

• Act as a trusted advisor to BMO senior leaders and each of line of business.
• Represent the bank at external public events and serves as spokesperson for print and broadcast media interviews, when necessary and appropriate.
• Serve as a member of the U.S. Social Impact Committee.
• Collaborate with the bank's government relations department and CRA department to ensure proper protocol and coordination of BDO activities at the federal, state, and municipal levels.
• Assist Vice Chairman with the development of staff from a professional growth and development, standpoint, when necessary and appropriate.
• Broader work or accountabilities may be assigned as needed.

Qualifications:
10+ years of relevant experience in the financial services industry with a focus on Community Reinvestment programs.
Bachelor's and post-secondary degree or an equivalent work experience.
Compensation and Benefits:
$128,000.00 - $183,000.00
The base salary represents BMO Financial Group's hiring range for this position. Actual salaries will vary and will be based on various factors, such as location, skills, experience, and qualification for the role. Salaries for part-time roles will be pro-rated based on number of hours regularly worked.
Base salary is one component of BMO Financial Group's total compensation package for employees, which may include performance-based incentives, commissions or discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: www.bmousbenefits.com.
We're here to help
At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.
To find out more visit us at http://jobs.bmo.com/us/en
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other's differences, we gain strength through our people and our perspectives. BMO is an equal opportunity/affirmative action employer. All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age, or any other characteristic protected by law. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.
Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.