Compliance Reporting Specialist responsible for Flood Disaster Protection Act adherence. Managing insurance requirements and collaborating with teams at U.S. Bank in Wisconsin and Oregon.
Responsibilities
This position is responsible for compliance with Flood Disaster Protection Act (FDPA) through analysis of real estate provided as collateral for loans within flood prone areas ensuring appropriate levels of flood insurance and adherence to regulatory timeframes set forth by the FDPA and Office of the Comptroller of the Currency (OCC).
Orders flood determinations and reviews to determine if the collateral is in a special flood hazard area requiring flood insurance.
Utilizes collateral valuation details such as appraisals, hazard insurance policies or municipal assessments to complete Flood Calculation Worksheets to establish regulatory minimum level of flood coverage required.
Corresponds with flood determination and force place insurance vendors on a daily basis to ensure the information received is accurate and insurance coverage requirements are appropriate.
Conveys insurance coverage requirements to customers, Commercial Relationship Managers and business line support to ensure protection of bank collateral and adherence to regulatory requirements.
Monitors loan collateral insurance coverage including insurance expiry dates to ensure coverage is maintained by the borrower.
Researches and communicates FEMA mapping changes to customers, which may cause changes to coverage requirements.
Works closely with the customer to resolve issues and validates the appropriate insurance is obtained.
Reviews cancellations and renewals for appropriate coverage in a timely manner.
Follows FDPA prescribed timelines to prepare 45 day notice to customer of flood insurance coverage change or cancellation.
Obtains the appropriate levels of force placed insurance when necessary, providing all regulatory notices to the customer.
Reviews monitoring reports to ensure data integrity.
Creates and maintains Flood Insurance files to ensure accurate and complete records of all flood related activities and for use in compliance reviews by audit examiners.
Adheres to compliance procedures and internal/operational risk controls in accordance with any and all applicable regulatory standards, requirements, and policies.
Requirements
High School diploma or equivalency required.
2 years relevant experience.
Ability to read and interpret basic legal documents, real estate appraisals, evaluations and regulatory requirements.
Ability to manage multiple priorities within tight deadlines and maintain a high level of accuracy in a multi task environment.
Strong written and verbal communication skills to communicate effectively and clearly with a broad range of external clients and vendors as well as employees throughout the organization.
Ability to remain calm, courteous and professional when handling difficult customer conversations.
Must be able to work well in a team environment.
Strong PC skills required, including spreadsheets, word processing and internal software. Ability to learn to use specific applications as needed.
Benefits
Healthcare (medical, dental, vision)
Basic term and optional term life insurance
Short-term and long-term disability
Pregnancy disability and parental leave
401(k) and employer-funded retirement plan
Paid vacation (from two to five weeks depending on salary grade and tenure)
Up to 11 paid holiday opportunities
Adoption assistance
Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law
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