Assistant Director, Risk and Compliance Advisory

Join the FHLBC team!
At the Federal Home Loan Bank of Chicago, employees come first - that’s why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

• Retirement program (401k and Pension)

• Medical, dental and vision insurance

• Lifestyle Spending Account

• Generous PTO plan

• 11 paid holidays per year

• Hybrid working model

Who we are:

FHLBank Chicago partners with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for their community investment activities. We are one of 11 Federal Home Loan Banks created by Congress in 1932 as a government sponsored enterprise to support mortgage lending and community investment. We are member owned and member focused. Our members include banks, credit unions, insurance companies and CDFIs.

What it’s like to work here:

At FHLBank Chicago, we bring people together. Our regular All-Staff meetings keep employees informed and our values drive the work that we do. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Through our Office of Diversity, Equity and Inclusion (DEI), we host signature and employee-led events to celebrate our differences and learn from each other and identify volunteer opportunities to strengthen our communities; and Employee Resource Groups (ERGs) and culture teams create connections around shared interests and experiences. We offer live and on-demand professional development opportunities to grow your skillset and your career.

What you’ll do:

In this role you will be a pivotal member of our enterprise risk management team, responsible for supporting the operational risk and compliance teams and providing business units guidance on regulatory compliance aspects of mission program and housing products.  You will offer guidance to our external customer facing business units (Sales Strategy & Solutions(SSS), Community Investment (CI) and Mortgage Partnership Finance(MPF)) in partnership with the Bank’s Fair Lending Officer.  Primary duties include providing ongoing compliance advice, facilitation of periodic fair lending risk assessments, reviewing mission programs and housing products, and evaluating process changes from a regulatory compliance perspective and working with other functions such as credit and model risk, compliance and legal compliance. We encourage innovative thinking and challenge the status quo, expecting you to act as a change agent, take initiative, and provide practical, sustainable recommendations to enhance our compliance framework and achieve the Bank’s mission and housing objectives.

How you’ll make an impact:

• Provide thought leadership and support to business leaders regarding fair lending
• Interface with members, regulatory agencies and key stakeholders to influence decision-making on fair lending practices

What you can expect:

Risk and Compliance Advisory

• Serve as the Bank’s subject matter expert and resource on fair housing and fair lending laws and regulations applicable to the Bank and its members.  Assist the first line in making risk-based decisions that align with industry’s best practice and regulatory expectations when it comes to setting strategy, making process improvements or developing new mission products.   

• Perform periodic fair lending risk assessments, including enterprise-level, pilot program or change assessments.  Includes assessment of risks associated with design and effective execution of business strategies to promote sustainable housing opportunities for our members’ communities including underserved communities.  Fair lending assessments informed by housing industry practices and trends.  Deliver results to senior management and the Board as necessary.

• Stay informed about changes in fair lending regulations and communicate these updates to relevant stakeholders within the organization. Advocate for the Bank’s fair lending and UDAP compliance initiatives during regulatory meetings, in comment letters, and discussions.  Assist in performing gap analyses and implementation of new regulatory guidance and regulations across the Bank.

• Review and provide guidance on the mission framework including but not limited to policies, impact measurement framework, program guides, agreements, product and pricing strategies, marketing plans, and other key documents. Ensure appropriate fair lending compliance exists that address regulatory and risk management requirements  and enable business.

• Monitor fair lending compliance and fair lending reporting and how the Bank is doing addressing gaps related to the effectiveness of bank-wide fair lending activities, with an emphasis on compliance with fair lending laws, rules, and regulations.  Evaluate remediation plans related to fair lending/fair housing/UDAAP/UDAP and provide credible challenge.  Responsibility for the review and independent assessment of fair lending data/reports, providing expert opinions, and timely escalation of concerns to senior management and the Board.  Promote a culture of compliance and participate in solutions to help address any identified gaps.

• Advise business units on development of compliance controls and partner with operational risk and compliance units to develop risk-based control processes and periodically monitor effectiveness.

Stakeholder Management

• Act as a responsible change agent, garnering commitment from key stakeholders to implement or enhance fair lending compliance strategies, fostering a culture of continuous improvement and adherence

• Develop and deepen relationships with internal partners, including First-Line, Operational Risk, Model Risk, Credit Risk, Audit, and Legal departments, to drive timely identification and remediation of fair lending risks

• Support Compliance leadership in collaborating with key stakeholders, including regulatory and legal partners, to respond to internal and external inquiries and requests for fair lending compliance-related information

Additional Responsibilities

• Perform other duties as assigned to support the overall fair lending compliance function

What you’ll bring:

• Bachelor’s degree in finance, economics, risk management, or a related field. Equivalent work experience in compliance management may be considered.
• Certified Regulatory Compliance Manager (CRCM) or similar certification preferred
• 8-12 years of work experience in compliance management, with a focus on fair housing and fair lending
• Minimum of 5-8 years of specialized experience in fair lending compliance or prior experience
• Experience in developing and executing fair lending programs or as a regulatory examiner in these areas
• Familiarity with data reporting and analytics related to fair lending.
• Regulatory affairs experience, particularly with agencies like CFPB or FHFA, is a plus
• MS Office products (Excel, Outlook, PowerPoint, and Word)
• Tableau preferred
• Comprehensive knowledge of key fair lending laws and regulations, including the Equal Credit Opportunity Act (ECOA), Fair Housing Act (FHA), Home Mortgage Disclosure Act (HMDA), and Community Reinvestment Act (CRA).
• Must be self-directed, able to work independently with a high level of discretion
• Executive presentation skills and ability to interface with executive management, board, regulators, internal audit and other departments as necessary.
• Well organized and can ensure team meets high number of deadlines reliably
• Strong, effective communication resulting in an understanding of the message from others
• Experience mentoring peers and teammates
• Strong problem solving and decision making abilities
• Displays effective leadership (e.g. empathy, initiative, coaching)
• Influence, guide and credibly challenge stakeholders in relation to compliance risk

The perks:

At FHLBank Chicago, we believe in rewarding our high performing workforce. We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees. Our retirement program includes a 401(k) and pension plan. Our wellbeing program supports employees at work and in their personal lives: Our generous PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for employees to support wellbeing activities; and our central downtown location at the Old Post Office provides easy access to public transportation and breathtaking views from our award-winning rooftop. Step into a brighter future with us. #LI-Hybrid