GENERAL SUMMARY

The Director of Community Development is responsible for developing, implementing, and administering the Bank's Community Reinvestment Act Compliance Program. This position establishes, participates, and maintains relationships with community based, charitable, and non-profit organizations. Develops and implements programs to ensure the Bank meets the needs of the community and achieves Cathay Bank's CRA performance goals.

DIRECT REPORTS

Manages all team members in the department.

ESSENTIAL FUNCTIONS

• Develops, implements, and administers the Cathay Bank Community Reinvestment Act Compliance Program, including but not limited to, developing, and implementing appropriate polices, standards, and procedures.
• Partners with the line of business to create and maintain a strong, proactive culture of CRA compliance.
• Establishes and maintains relationships with various community based charitable, and non-profit organizations and activities.
• Participates in at least twelve (12) events/visits to/for various organizations to support the CRA efforts of the Bank.
• Develops and implements lending and deposit programs, products, and services for low to moderate income customers; ensures the Bank meets the needs of the community it serves and achieves CRA performance goals; develops and responds to community concerns as they arise.
• Assists loan and relationship officers in building and maintaining a 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.
• Completes CRA performance analysis and generates an annual performance assessment based on the Bank's performance in CRA for the prior year. Develops creative strategies and potential solutions to strengthen or enhance CRA performance based on Cathay Bank's annual CRA performance assessment.
• Develops data principles for ongoing analysis and outreach efforts.
• Assists in the development of presentation materials for management, Board of Directors, and regulatory agencies, at least quarterly. Participation in joint calls may be required.
• As requested, makes 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.
• Assists in or conducts CRA training to Bank personnel when required or as needed. If budget permits, may need to travel to various business locations including out of state, otherwise utilize other mediums such as video or telephone conferencing to ensure the effectiveness of an enterprise CRA.
• Responsible for management of Cathay Bank Foundation grant charitable contribution functions. Communicates the availability of grants and low-cost financing to qualified CRA individuals and organizations through the Bank's programs, products, and services and with state and federal programs; provides technical assistance and guidance in the preparation of applications to maximize the rate of approval. Ensures timely distribution of related materials and publications to designated personnel related to CRA grants and services and Community Development activities/sponsorships.
• Reconciles and handles the Cathay Bank Foundation checking account, manages the Foundation budget, track and monitor account activity, and disburses funds.
• Assists the line of business Senior Management in identifying compliance risks and emerging issues applicable to their ongoing and proposed business activities.
• Collaborates with Business Line to design processes that comply with applicable laws and regulations, regulatory guidance, and emerging compliance trends, including creating and implementing effective preventive and detective internal controls.
• Develops risk-based monitoring programs to measure compliance risk.
• Develops and maintains expertise on laws and regulations applicable to Community Reinvestment Act.
• Collaborates with the line of business on corrective action or remediation plans for identified compliance weaknesses.
• Develops annual compliance plans and quarterly risk ratings.
• Reports the level of compliance risk, significant compliance issues, and risk trends to the Chief Compliance Officer, the Business Line Senior and Executive Management, the Board of Directors, or other committees operating on behalf of the Cathay Bank Board, as required.
• Tracks regulatory issues and risks.

QUALIFICATIONS

Education:

• Bachelor's degree preferred but not mandatory.

Experience:

• Minimum 7-10 years of practical CRA compliance experience in bank of similar size and complexity required to perform duties effectively. Compliance expertise in the CRA regulatory requirements, regulatory guidance, and emerging compliance trends.

Skills/Ability:

• Ability to work independently and as a team to solve problems efficiently, effectively, and on-time.
• Strong oral and written communications skills.
  * Ability to focus on and remain current on recent compliance issues by reading regulatory bulletins, industry papers, and other related materials.
• Ability to function as a leader, influence others and provide guidance and consultation as a subject matter expert.
• Ability to deal with complex problems involving multiple facets and variables in non-standardized situations.

OTHER DETAILS

$130K - $150K / year
Pay determined based on job-related knowledge, skills, experience, and location.