Large Bank Examiner Payments, Clearing And Settlement

CompanyFederal Reserve Bank of Chicago

The Federal Reserve Bank of Chicago’s (FRB-C) Large Financial Banking Organizations Division (LFBO), which sits within the Supervision and Regulation (S&R) Department, is comprised of banking risk specialists who supervise the largest, most complex domestic and foreign banking organizations within the 7th District. Members of the Large Bank Supervision job family provide supervisory oversight through continuous monitoring and examination activity by engaging with institution executives who have a deep knowledge of their functional or risk area. LFBO is seeking candidates for a position focusing on the payments function at a large and complex financial institution.

The Large Bank Examiner leverages specialty expertise to proactively identify risks through on- and off-site examination and monitoring activities to ensure the institution is operating in a safe and sound manner and in compliance with applicable laws and regulations. Candidates should have a sound baseline knowledge of payment systems and practices to challenge senior management at the institution and to further supervisory knowledge internally. The position will involve ongoing review of institution-provided information related to the payments, settlements, and clearing operations of the institution. The position will also involve monitoring of payments and consumer banking industry trends and developments, and coordination with supervisory staff and payments business line risk specialists across the Federal Reserve System. Additionally, as a member of a Large Bank dedicated supervisory team, the position will include facilitating peer discussions and looking across different risk and control practices and business lines to identify overarching observations, as well as engaging in other supervisory work across the team and department as deemed necessary. The individual also independently performs research and provides comprehensive verbal and written analyses.

The level of work is considered intermediate, and the qualified candidate must be able to work under some supervision. This position has no direct reports.

Your Responsibilities:

• Participate in the supervisory assessments of a large financial institution corporate payment and clearing operations function, including review of payments Clearing and Settlement operations governance, risk assessments methodology, planning, and execution of work.
• Support and serve as a technical expert relating to payment practices for a broad range of supervisory issues within the department and District.
• Comfortably understand the processes related to payment services at a financial institution:  What encompasses payment servicing (e.g. networks), risks associated with operating a network, drivers of profit within payment processing, relationship between all stakeholders within payment processing and the industry, etc.
• Participate and/or lead monitoring and exam meetings with the treasury and payments solutions executives, and other key senior leaders. In addition, this role will work closely with the risk officers across the risk management and control domains.
• Participate and/or lead in the implementation of supervisory activities, including performing comprehensive full scope examinations or targeted reviews of the institution payments, clearing, and Settlement processes, including due diligence, underwriting, and monitoring processes, and requisite controls over processors and their merchant clients. 
• Develop and maintain supervisory expectations for institution-specific and industry practices for payment, settlement, and clearing solutions and governance & controls.
• Participate in institution-specific examinations and horizontal events by providing written conclusions and findings for inclusion in supervisory reports.
• Participate in horizontal assessments of internal and related advanced risk management & control practices across the Seventh District and the Federal Reserve System
• Develop an understanding of supervisory rating system(s) applied to LFBOs.
• Assist in developing supervisory risk assessments and supervisory strategies and the preparation of examination scopes and findings. Provide briefings to colleagues and others in the supervisory community.
• Develop and maintain an awareness of potential changes to key rules, laws and regulations, and supervisory policies as well industry practices. 
• Maintain an understanding of key risk management perspectives through coordination with other regulatory agencies that impact the supervised areas.
• Proactively implement strategies to collect peer agency views on a timely basis, act as key stakeholder within peer agency reviews, and holistically integrate other regulatory perspectives to help inform the team’s supervisory assessment.
• Prepare and deliver clear and persuasive findings in formal written and verbal presentations on supervisory conclusions and relevant issues to financial institution and to senior Reserve Bank management.
• Build and maintains strategic work relationships and networks with both internal and external stakeholders, such as other Reserve Banks, the Board of Governors, and other domestic regulatory agencies.  This also includes developing relationships, while maintaining independence, with institution management to further supervisory efforts.
• Provide guidance and constructive feedback to exam team members as appropriate.
• Share knowledge and equitably supporting the growth of junior examination team members.

Your Background:

• Bachelor's degree or equivalent experience.
• Federal Reserve System Examiner Commissioning or progress towards preferred.
• Four plus years of direct work-related experience preferred.

Knowledge and Skills

• Expertise in payment and clearance operations and relevant control risk management frameworks
• Demonstrate independent and critical thinking and decision-making abilities as well as have strong written and oral communication skills.
• Possess the ability to provide guidance and constructive feedback to less experienced staff.
• Possess strong teamwork skills and the ability to build and work collaboratively within and across work teams.
• Demonstrate the ability to effectively lead and influence a team with limited oversight and resolve complex to highly complex issues in a productive and timely manner.
• Demonstrate the ability to manage time and projects effectively by adjusting quickly to new and different priorities.
• Possess a general business and or operations acumen.

Location

This position is considered a hybrid position. Your presence will be expected at one of the 7th District locations—Chicago, Detroit or Des Moines.

What we Offer

• Comprehensive benefits package, including medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off and transit benefit.
• A continuous learning environment with opportunities to gain new skills and grow your career.
• Onsite gym and subsidized cafeteria

Other Requirements

• Ability and willingness to travel up to 10%.
• This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements. In addition, all candidates must undergo applicable background checks and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. Citizen and pursue a path to citizenship.
• As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank’s ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary.
• This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance and can take approximately two months to be completed. The screening covers areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.

We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status.

Full Time / Part TimeFull time

Regular / TemporaryRegular

Job Exempt (Yes / No)Yes

Job CategoryBank Examination

Work ShiftFirst (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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