[Remote] Compliance Associate, Monitoring & Testing at OppFi

Remote

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Not SpecifiedCompensation

Entry Level & New GradExperience Level

Full TimeJob Type

UnknownVisa

Financial Technology, Financial ServicesIndustries

Requirements

Three years’ experience in regulatory compliance or state regulatory oversight with a focus on consumer lending
Knowledge could come from on the job experience or education, such as paralegal certification, JD, or Certified Regulatory Compliance Manager (CRCM) certification
Experience in designing or implementing a compliance monitoring and testing program
Applicable knowledge of consumer financial regulations, including the Truth in Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Unfair Deceptive and Abusive Acts or Practices, Servicemembers Civil Relief Act, Electronic Funds Transfer Act, Telephone Consumer Protection Act, CAN-SPAM Act, Electronic Signatures in Global and National Commerce Act, Gramm-Leach-Bliley Act, Fair Debt Collections Practices Act
Ability to do root cause analysis

Responsibilities

Second line monitoring and testing against applicable State and Federal regulations as part of our Compliance Management System
Assess compliance risk through performing analysis of accounts, policies, procedures, marketing material, complaints, reports, and more
Assist with and collect data, files, and other materials for monitoring and testing
Work in collaboration with various business departments and other team members in different phases of testing and monitoring including planning, execution, reporting, and follow-up
Assess the material, report on the findings, provide recommendations, receive review and approval when required
Work with Issues Management Team to ensure issues are recorded
Assist with and draft concise reports that provide value to business and management to improve compliance controls and mitigate risks
Assist departmental senior leaders/managers in process improvements for the Monitoring and Testing Program
Assist in the monitoring for changes to the business to enhance testing processes
Assist in the monitoring for regulatory changes to update testing procedures to ensure compliance with applicable regulations

Skills

Key technologies and capabilities for this role

Compliance TestingConsumer Protection LawsRegulatory CompliancePolicy ReviewProcedure ReviewDocumentation ReviewReportingTestingFinancial Regulations

Questions & Answers

Common questions about this position

What are the main responsibilities of the Compliance Associate role?

The role involves second-line monitoring and testing against State and Federal regulations, assessing compliance risk through analysis of accounts, policies, procedures, marketing, complaints, and reports, and collaborating with business departments on planning, execution, reporting, and follow-up.

What is the company culture like at OppFi?

OppFi fosters a caring, innovative, and inclusive culture with diverse talents and perspectives, where employees improve 1% every day, the best ideas win, and there's an open and collaborative environment guided by business principles.

Is this Compliance Associate position remote or office-based?

This information is not specified in the job description.

What salary or compensation does the Compliance Associate role offer?

This information is not specified in the job description.

What makes a strong candidate for the Compliance Associate position?

A strong candidate is eager to join the second-line compliance testing team, with the ability to plan and execute transactional testing, review documentation, assess risks, collaborate across departments, draft reports, and assist in process improvements for the Monitoring and Testing Program.

OppFi

Specialty finance platform for personal loans

About OppFi

OppFi provides a platform that helps community banks offer personal loans to individuals who often struggle to access credit from traditional financial institutions. By partnering with these banks, OppFi enables them to extend credit to underserved Americans, allowing these consumers to improve their financial health. The loans are designed to be accessible and are accompanied by a focus on responsible lending practices. OppFi differentiates itself from competitors by emphasizing transparency and best-in-class customer service, ensuring that clients understand the terms of their loans and feel supported throughout the process. The company's goal is to promote financial inclusion and help individuals rebuild their financial stability.

Chicago, IllinoisHeadquarters

2012Year Founded

$283MTotal Funding

IPOCompany Stage

Fintech, Financial ServicesIndustries

201-500Employees

Benefits

Generous vacation

Insurance benefits

401(k) matching

Employee Assistance Program

Tuition reimbursement

Subsidies for childcare costs, free financial literacy tools, 6 paid weeks of parental leave

Collaborative and supportive company culture

Risks

Increased competition in small business financing could challenge OppFi's market position.

Potential delay in Federal Reserve rate cuts may decrease loan demand.

Integration risks exist with the acquisition of Bitty Advance.

Differentiation

OppFi partners with community banks to extend credit to underserved consumers.

The company emphasizes responsible lending and financial inclusion in its business model.

OppFi offers financial literacy resources through a collaboration with Zogo.

Upsides

Acquisition of Bitty Advance diversifies OppFi's product offerings in small business financing.

Expanded $50 million credit facility supports growth and new product roll-out.

Partnerships with educational platforms enhance customer engagement and retention.

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