• Job Description

  Req#: 702876
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  About the Organization:

  The Division of Banks is currently accepting applications for the position of Consumer Protection Examiner I in the Non-Depository Institution Supervision - Consumer Finance-Money Services Business (CFMSB) Examination Unit.

  The mission of the Division of Banks is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth. The Division maintains public confidence in Massachusetts financial institutions through the oversight of state chartered banks and credit unions and non-bank financial services providers, including those in the mortgage, money services business, sales finance, loan servicing, and debt collection industries that do business within the Commonwealth. The majority of the Division's employees are Examiners who conduct a variety of on-site and off-site examinations at financial institutions and licensed entities under the Division's jurisdiction.

  About the Role:

  The Consumer Protection Examiner I examines the records of financial services companies licensed by the Division to ensure they operate in a sound financial condition and adhere to consumer protection laws and regulations. Specifically, this Examiner will be assigned to ensure that consumer finance companies, money services businesses, loan servicers, and debt collectors adhere to both state and federal consumer protection laws. These industries include student loans servicers and fintech companies engaged in new and emerging technologies. Supervisory oversight includes ensuring compliance with Bank Secrecy Act and Anti-Money Laundering laws and regulations, Truth in Lending, information security, repossession rules, consumer disclosures, and debt collection regulations, among others. In addition, the examination review includes analyzing an institution’s financial statements, bank statements, and other supporting documentation to assess its financial condition and ensure it meets the Division’s regulatory financial standards. The Consumer Protection Examiner I conducts a Compliance Management System review and applies the FFIEC Consumer Compliance Rating System. The Consumer Protection Examiner I participates in the examination process, assesses the financial condition of entities, analyzes compliance with the consumer protection laws and regulations, and prepares compliance Examination Reports summarizing findings and corrective actions.

  You will be a great fit for the Consumer Protection Examiner I position if you have strong analytical, writing, and communication skills, as well as an interest in learning more about the supervision and regulation of the Financial Services industry. The ability to work in a team environment is also very important. Training takes place through team-based examinations that include both on-the-job and remote training combined with formal examination courses provided by the Division of Banks and other regulatory partners.

  The Division of Banks is proud to offer schedule flexibility. The Consumer Protection Examiner I role is a hybrid position and various schedule options are available. In addition to telework, intermittent on-site work is based on the assignment and may include work onsite at a regulated institution or one of the Division’s four offices (Boston, Lakeville, Woburn, or Springfield). The position requires travel throughout the Commonwealth of Massachusetts and out-of-state on occasion, with some overnight stays, as well as trainings, conferences, or other events which may be located out of state. A valid driver’s license and access to an automobile are strongly recommended; Examiners are authorized to use personal automobiles for travel related to Commonwealth employment and are eligible for mileage reimbursement and a car allowance.

  In addition to flexible work schedules and locations, Division employees are eligible for competitive Commonwealth of Massachusetts employee benefits which include generous leave policies, the Commonwealth’s State Employee’s Retirement Plan, and tuition remission at state colleges. The Division also offers a progressive training program and paths for career advancement within the agency.

  The Division of Banks is committed to ensuring a diverse and inclusive workplace where all employees feel respected, valued, and empowered to maximize their skills and talents to serve our citizens. The Division is committed to creating and sustaining a work culture that is welcoming, inclusive, and mutually respectful to all its employees regardless of race, color, age, creed, religion, national origin, ethnicity, sex, gender identity or expression, sexual orientation, genetic information, veteran or disability status. We strive to reflect diversity in all facets and levels of our agency. The Non-Depository Institution Supervision – Consumer Finance-Money Services Businesses (CFMSB) Examination Unit values inclusiveness and diversity within its examination and management teams. Within our community, we strive to create and maintain working and learning environments that are inclusive, equitable, and welcoming.

  The position is a union position in the National Association of Government Employees (NAGE) Unit 6 and the salary is within Grade 10. The annual salary range for this position is $56,579.12 to $80,651.48. Salary (step) placement is based on relevant experience, and the Division usually starts qualified new hires with a salary of $65,736.06.

  The filling of this position is subject to appropriation and obtainment of all necessary approvals from the Office of Consumer Affairs and Business Regulation and the Executive Office for Administration and Finance. The Division reserves the right not to fill this position without notice. This position will report directly to the Regional Field Manager within the examination unit.

  Duties and Responsibilities: (these duties are a general summary and not all inclusive):

  • Assist in the analysis of non-depository licensees including consumer finance, debt collection, loan servicing (including student loan servicers), and money services businesses.

  • Review transaction records and reports, including account contracts and disclosures, as well as transaction histories, and perform analyses on data collected in order to determine compliance with state and federal consumer protection regulations.
  • Analyze balance sheets, income statements, and other financial documents to determine financial condition, conformance with generally accepted accounting principles, and compliance with applicable financial responsibility regulations.
  • Communicate regularly with licensee management to facilitate the examination process and discuss potential findings/corrective actions.
  • Evaluate each licensee’s compliance management system to ensure sufficient oversight by the directors and senior management with adequate policies and procedures, operational controls, internal monitoring, training, complaint processes and periodic independent testing to ensure compliance.
  • Assist in the preparation of the Examination Report and detailed work papers in an accurate and timely manner. Confer with other state and federal agencies and audit/consulting firms as part of the examination process.

  • Act as an examiner-in-charge of examinations by planning, organizing, and supervising examinations of less-complex licensees.
  • Conduct or participate in formal exit meetings and presentations to senior-level management. Presentations may include preparation of handouts and other materials for review by management personnel.
  • Participate in formal and on-the-job training in order to develop and acquire the knowledge, skills, and abilities necessary to facilitate the examination process.
  • Other duties, as assigned or requested.

  Preferred Knowledge, Skills, and Abilities:

  • Experience in consumer finance, debt collection, loan servicing, or money services businesses.
  • Knowledge of the state and federal rules and regulations governing these industries, including consumer protection and anti-money laundering requirements.
  • Strong written and oral communication skills.
  • Strong analytical skills.
  • Ability to read and interpret state and federal regulations.
  • Ability to read and interpret documents such as company financial statements, and to analyze and summarize financial information.
  • Familiarity of the proper oversight, training, monitoring and auditing of a financial company's compliance management system.

  • Demonstrated commitment to valuing diversity and contributing to an inclusive working and learning environment.

  All applicants should attach a cover letter and resume to their online submission for this position.

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  First consideration will be given to those applicants that apply within the first 14 days.

  Minimum Entrance Requirements:

  Applicants must have (A) at least one year of full-time, or equivalent part-time, professional experience in accounting, auditing, or bank examining work, or (B) any equivalent combination of the required experience and the substitutions below.

  Incumbents are required to travel throughout the Commonwealth of Massachusetts and travel out-of-state with some overnight stay.

  Substitutions:

  I. A Bachelors or higher degree with a major in accounting, business administration, business management, banking, finance, economics, or related field may be substituted for the required experience.*

  *Education toward such a degree will be prorated on the basis of the proportion of the requirements actually completed.

  Comprehensive Benefits

  When you embark on a career with the Commonwealth, you are offered an outstanding suite of employee benefits that add to the overall value of your compensation package. We take pride in providing a work experience that supports you, your loved ones, and your future.

  Want the specifics? Explore our Employee Benefits and Rewards!

  An Equal Opportunity / Affirmative Action Employer. Females, minorities, veterans, and persons with disabilities are strongly encouraged to apply.

  The Commonwealth is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, color, sex, gender identity or expression, sexual orientation, age, disability, national origin, veteran status, or any other basis covered by appropriate law. Research suggests that qualified women, Black, Indigenous, and Persons of Color (BIPOC) may self-select out of opportunities if they don't meet 100% of the job requirements. We encourage individuals who believe they have the skills necessary to thrive to apply for this role.

• About the company

  Official website of the Commonwealth of Massachusetts

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