Chief Legal & Compliance Officer - Growing Financial Services Instiution
About the Role
A rapidly expanding financial services institution is seeking a Chief Legal & Compliance Officer (CLCO) to serve as the senior-most executive responsible for all legal, regulatory, and enterprise compliance functions. The CLCO will serve as a trusted advisor to executive leadership and the board of directors, while overseeing legal strategy, compliance program management, risk mitigation, and interactions with regulatory bodies.
Key Responsibilities
Legal Leadership & Strategy
- Oversee all legal matters related to consumer lending, including lending regulations, licensing, product counseling, governance, contract negotiation, and risk management.
- Advise executives and the board on legal risks, regulatory trends, and strategic initiatives involving consumer credit products and operational processes.
- Manage relationships with external counsel and ensure efficient, business‑aligned support.
- Review marketing, disclosures, credit policies, underwriting models, and servicing practices for regulatory compliance..
Regulatory & Compliance Oversight
Lead and continuously enhance the enterprise compliance management system (CMS) aligned with consumer lending requirements.
Ensure full compliance with applicable consumer lending laws and regulations, including (as relevant):
- Truth in Lending Act (TILA)
- Equal Credit Opportunity Act (ECOA)
- Fair Credit Reporting Act (FCRA)
- Electronic Fund Transfer Act (EFTA)
- Military Lending Act (MLA)
- Fair Debt Collection Practices Act (FDCPA)
- UDAAP standards
- State‑level lending laws (rate caps, licensing, disclosures, loan limits, fair lending expectations)
- Serve as the primary point of contact for regulators, examiners, and licensing authorities.
- Oversee internal compliance monitoring, testing, and audit readiness.
- Develop and maintain company policies, training, and compliance reporting frameworks.
Risk Management & Governance
- Identify regulatory and legal risks related to consumer lending operations and implement processes for mitigation.
- Provide regular legal and compliance reporting to the board and relevant committees.
- Partner with product, operations, risk, technology, and finance to ensure regulatory requirements are embedded in lending practices.
Leadership & Operational Management
- Build, mentor, and manage a high‑performing legal and compliance team.
- Establish scalable processes, frameworks, and systems to support organizational growth.
- Collaborate cross-functionally to align compliance and legal strategy with business objectives.
Qualifications
Required
- 6-10+ years of legal and compliance experience in consumer lending/finance, banking, financial services, or closely related regulatory environments.
- Deep understanding of federal and state consumer lending laws and compliance requirements
- Experience implementing and overseeing a compliance management system within a regulated financial services environment.
- JD from an accredited law school; active bar membership in at least one U.S. jurisdiction.
- Strong background advising senior leaders on regulatory risk and legal strategy.
Personal Attributes
- Strategic thinker with strong judgment and a practical, business‑oriented approach.
- Exceptional communication skills and comfort operating as an executive‑level advisor.
- High integrity, sound ethics, and a commitment to fostering a culture of compliance.
- Collaborative leader capable of influencing across the organization.
FAQs
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