Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.
The CRA Officer ensures that CIT is in compliance with CRA laws and regulations; providing CRA training/education on a routine basis to appropriate teammates, including the CIT Board of Directors and conducting monitoring through quarterly and ad hoc assessments of the Bank’s performance under regulatory standards; ensuring that CIT is reporting accurate and complete data in its regulatory submissions that appropriately demonstrates the Bank’s performance; and preparation of an annual Executive Summary of the Bank’s overall CRA performance compared to the most recent peer data available. Other duties and responsibilities as relates to CRA at the discretion of the Bank.
• Serve as the bank’s CRA Officer.
• Along with the CRA Team:
• Coordinate, document and review lending, investment and service activity related to the requirements of the CRA Act.
• Perform periodic review of bank’s assessment areas to ensure reasonableness of the delineation.
• Serve as the bank’s principle liaison with external CRA compliance auditors, examiners and regulators.
• Maintain relevant CRA reports and files, including data and documentation.
• Prepare, analyze, and monitor banks statistics to determine adequate loan penetration of low and moderate income households and small businesses.
• Work with Bank management and local market Managers to develop lending and investment programs that help meet the lending needs of low and moderate income households.
• Act as the key educational resource on affordable products, guidelines, and outreach; while offering to be a referral source for their clients and referral sources.
• Conduct formal training, as appropriate, for all new MLO’s as part of their orientation.
• Build awareness and provide training to branches in concert with the MLO assigned to that branch. Be the key education resource for targeted CIT branches to promote our affordable products and marketing collateral.
• Represent the Bank in appropriate forums as champions of community Outreach and lending opportunities.
• Coordinates CRA compliance efforts throughout CIT:
Oversees compliance with the Bank’s CRA Policy.
Recommends enhancements to the Policy as necessary.
Implements processes and procedures necessary to ensure adherence with CRA regulations
Ensures accuracy of government reporting under the Act.
• Prepares CRA Self-Assessment reports periodically that analyze CRA lending, service, and investment performance, and presents reports to appropriate management These reports will include the results of analysis and recommendations for the improvement of CRA outcomes.
• Educates applicable teammates, officers, and directors of the requirements of CRA in addition to delivering communications related to CIT’s products, services and other initiatives that support CRA.
• Works with vendors providing CRA analytical services for the bank to ensure that scope of work is appropriate and to avoid duplication of efforts.
• Researches CRA issues, provides interpretations and clarifications to bank teammates.
• Maintains CRA compliance records and public file; documents participation and activities related to the Bank’s CRA efforts.
• Research, analyze and interpret all applicable CRA regulations and statutes and implement changes to and/or enhance existing policies and procedures.
• Participates in periodic development and implementation of new projects as necessary.
• Adheres to all applicable laws and regulations governing bank operations, including compliance with CIT Compliance Program and associated policy and procedures.
• Works with CIT Compliance Officer and/or administrator to ensure compliance with CRA regulations. Obtain and evaluates completed data collection from CIT personnel.
• Coordinates with CIT general counsel as necessary to ensure adherence to laws and regulations relating to new or revised products and services offerings.
• Assists with development of training materials and providing training as a subject matter expert in support of CIT Compliance Program.
• Assists with periodic visits for CIT/CIT branch offices meeting certain high risk criteria. Other offices may be visited on a risk basis.
• Maintain awareness of CRA compliance. Obtain necessary training to keep current on other regulatory compliance and bank operations.
• Assists CIT Compliance Manager and other members of the Regulatory Risk Management Team with other duties that may be assigned within the regulatory risk management area.
• Bachelor’s degree in Business or a related field is required, Master’s Degreepreferred.
• Must have 10 or more years of CRA Bankingexperience
Job ID 25216