VP, Payments Counsel
As a member of the Legal Department of The Bancorp, Inc. (“Bancorp”) the VP Payments Counsel will collaborate with members of the Legal Department to provide legal advice and support to Bancorp’s senior management team and various business units, with a primary focus on Bancorp’s Payments businesses (collectively “Clients”). This role will also require strong collaboration with non-attorney regulatory risk professionals within the Bancorp to provide responsive and accurate support to Clients. Strong preference for the position to be located in Sioux Falls, SD, but placement in Minneapolis, MN will also be considered.
- Provide effective and accurate legal advice and support to senior and executive management of the Bank’s Payments business through the following activities:
- Consult with Clients on a wide range of business strategies, including new products, services or operational practices and advise on legal risks associated with such strategies. Provide legal support in developing business solutions that achieve strategic objectives, while assuring compliance with all applicable laws and regulations.
- Support Clients on transactional matters, including drafting, reviewing, interpreting and negotiating business agreements, consistent with the Bancorp’s policies, procedures and applicable law and supervisory guidance, in addition to Bancorp’s business and strategic objectives.
- Under the direction of Payments Counsel, engage in legal research related to payments products, services and emerging trends within the banking industry.
- Interpret statutes, regulations, supervisory guidance and case law developments applicable to the company’s business activities and provide legal advice and counsel to Clients accordingly.
- Collaborate with the Bancorp’s compliance and risk management staff on legal and regulatory matters in connection with the implementation of the Bancorp’s risk management programs or other initiatives of the company.
- Interact directly with Bancorp’s external partners, including program managers, payment networks, processors, and independent sales organizations partnered with Bancorp.
- Oversee outside counsel in the management of consumer litigation and arbitrations.
- Maintain a working knowledge of a wide range of state and federal banking laws and regulations as well as corporate and commercial laws and regulations relevant to the Bank’s Payments business and its products and services, including but not limited to debit cards, prepaid cards and other emerging payment mechanisms.
- Monitor applicable statutory, regulatory and case law developments, assess the impact to Bancorp’s products and services, and provide practical and accurate oral and written updates to affected Clients.
- Maintain familiarity with the Bancorp’s various business units and product lines with specific focus on Bancorp’s payment card products and payment sponsorship (ACH, merchant acquiring and faster payment facilitation) services and proactively assess any emerging legal or regulatory risks presented by current or proposed changes in the law or industry guidance with respect to identified Clients.
- Provide regular reporting to internal Clients and Legal Department on the status of various legal projects as assigned.
- Perform such other attorney duties as may be assigned by the Director, Senior Payments Counsel or General Counsel.
- A law degree from an accredited law school
- A license to practice law (in good standing)
- A minimum of 5 years successful and relevant banking and payment systems industry-related experience in a law firm or in-house corporate legal capacity, with demonstrated success in working with business teams of varying organizational levels to achieve business goals.
- Preferred experience, subject matter expertise and interest in:
- Laws and regulations impacting prepaid and debit card issuance, including but not limited to deposit-related consumer protection laws, with a focus on the Electronic Fund Transfer Act and Regulation E (with particular emphasis on the CFPB’s Prepaid Card Rule), the Truth in Savings Act and Regulation DD, and other relevant laws including the Durbin Amendment, FDIC Pass-Through Deposit Insurance requirements and state unclaimed property laws
- Laws and regulations focused on financial crimes prevention, including the Bank Secrecy Act and related Anti-Money Laundering requirements (e.g., CIP/KYC requirements) and regulations of the Office of Foreign Assets Control (OFAC).
- Payment network rules involving network settlement, merchant acquiring and ACH transactions
- State money transmission laws
- Emerging payment systems (e.g., digital wallets, P2P, faster payments and tokenization) and experience working with FinTechs and other disruptors in the payments ecosystem
- Familiarity with applicable laws and regulations impacting the formation and regulation of federally insured depository institutions
- Familiarity with applicable laws and regulations impacting commercial banking transactions, including the ability to engage in legal research in order to maintain accurate and current knowledge of applicable commercial and banking laws and regulations
- Ability to understand key business and strategic objectives of the Bancorp and integrate business, legal, and regulatory concepts in order to provide sound business advice
- Ability to professionally interface (both orally and in writing) with senior executives, business unit management and staff, state and federal regulators and officials, outside counsel, and significant business partners
- Ability to work with highly confidential and sensitive business information and to maintain high standards of confidentiality related thereto
- Ability to work independently and in a team environment to achieve department goals and objectives consistent with the Bancorp’s standards of excellence
- Ability to manage multiple and/or shifting priorities, and produce professional and accurate work product, sometimes under time constraints
- Full agreement with and willingness to support The Bancorp’s Values Statement.
- Excellent verbal, written, and interpersonal communication skills
- A team player able to work effectively in a team fostered, multi-tasking environment
- Proficient in Microsoft Office suite, e.g. Excel, PowerPoint, Word, Outlook
- Position is required to travel periodically in the United States
Employment with The Bancorp includes successfully passing a background check including credit, criminal, OFAC, education and past employment.
The Bancorp is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, sex, sexual orientation, gender identity, age, status as a protected veteran, among other things, or status as a qualified individual with disability.
The Bancorp is an Equal Opportunity Employer