GENERAL SUMMARYThe Manager of Community Development is responsible to assist the Director of Community Development in leading, implementing, and administering the Bank's Community Reinvestment Act Compliance Program. In this capacity, the Manager is responsible to strengthen the Bank's CRA program specifically to drive superior performance for all aspects of the CRA Tests - Lending, Investment and Service. Additionally, the Manager will support, participate and maintain relationships with community based, charitable and non-profit organizations.
DIRECT REPORTSMay have three or more direct reports.
ESSENTIAL FUNCTIONS- Implement, coordinate, and maintain the Bank's CRA Plan with minimal supervision. Partner with the line of business to create and maintain a strong, proactive culture of CRA compliance.
- Assist in the establishment and timely tracking of strategic goals for all areas of CRA in order to provide better insight and achievement of a superior CRA program including the annual self-assessment.
- Oversee the Bank's CRA Lending and Service programs; in conjunction with the SVP, Director of Community Development, manage, develop, and organize lending and service related initiatives/opportunities.
- Manage the CRA Department's day to day functions. Lead CRA team members to achieve Satisfactory exam ratings in the CRA Lending and Services tests. Maintain ongoing awareness of company goals, regulatory and legislative development, and industry trends. Contribute to the development and preservation of a strong-performing, goal-oriented team.
- Participate in governance committees including the ICC, ERMC, RCC, and Community Advisory Board meetings as well as the preparation of governance presentations. Oversee the completion of meeting minutes and CRA reports for internal and regulatory purposes.
- Support and maintain relationships with various community based charitable, and non-profit organizations and activities.
- Attend at least twelve (12) events/visits to/for various organizations to support the CRA efforts of the Bank. Assist in the assessment of the community credit needs; attend at a minimum 3 community events and functions per quarter.
- Make necessary preparations for CRA audits or exams; responds to external auditors and regulatory examiners when appropriate as related to CRA statistical and performance data; partner in remediation efforts as appropriate.
- Develop and conduct CRA training for CRA Department, Bank team members, and external parties.
- Data and Reporting:
- Timely prepare, complete and submit the annual Sunshine Act report(s).
- Oversee the collection and qualification of small business loan data, and service activity data, with a high degree of efficiency and accuracy.
- Ensure that the Bank will be in compliance with all regulatory deadlines including the submission of CRA lending data by March 1st every year and ensure that the Bank's Public File is kept current and maintained in compliance with regulatory requirements.
- Collaborate with the line of business on corrective action or remediation plans for identified compliance weaknesses. Track remediation progress against regulatory issues and risks. Assist loan and relationship officers in building and maintaining their community development loan and investment portfolio for the Bank by seeking, analyzing, proposing, and originating lending and investment opportunities; ensures opportunities for grants, investments, or loans to qualify under CRA guidelines. Oversees the purchase(s) of small business and mortgage loans as required.
QUALIFICATIONS- Education: Bachelor's degree in Business, Finance, Economics, Public Administration, or a related field required, or an equivalent combination of education and relevant experience.
- Experience: Minimum of 7-10+ years of experience in financial services, plus 3-5 + years in Compliance and/or CRA. 3-5+ years of leadership experience managing teams, programs, or community development initiatives.
- Skills/Ability: Strong working knowledge of CRA regulations and general banking. Proven management skills. Strong organizational, analytical, and communications (both written and verbal) skills. Ability to communicate well with personnel of all levels, inside and outside the department. The ability to facilitate meetings and projects. Ability to work independently and meet deadlines. Proactive in identifying potential concerns and follow up to resolve issues. Strong computer skills - proficient with Microsoft products. Knowledge of CRA Wiz CRA data collection and reporting software and SharePoint preferred but not required.
OTHER DETAILS$133,700 - $148,900 / year
Pay determined based on job-related knowledge, skills, experience, and location.
This position may be eligible for a discretionary bonus.
Cathay Bank offers its
full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).
