Making credit honest, simple, and accessible
Consumer Compliance Attorney
The Petal mission
At Petal, we’re using fresh thinking and cutting-edge technology to make credit honest, simple and accessible. We use machine learning to analyze more data in our credit decisions, which means more people qualify, even if they’ve never had credit before. And we use behavioral science and smart, intuitive design to offer a simple, customer-centric product that’s engineered to achieve better financial outcomes -- with straightforward terms and no fees whatsoever. The result is an exciting new approach to credit that has the potential to radically expand credit access and improve the lives of millions of consumers, shaking up a trillion dollar industry in the process.
To do this, we’re bringing together exceptional talent from across disciplines and industries to shape the future of financial services and improve the lives of our customers in a meaningful way.
At Petal, we're looking for people with kindness, positivity, and integrity. You're encouraged to apply even if your experience doesn't precisely match the job description. Your skills and potential will stand out—and set you apart—especially if your career has taken some extraordinary twists and turns. At Petal, we welcome diverse perspectives from people who think rigorously and aren't afraid to challenge assumptions.
The Legal/Compliance team
We’ve set an ambitious goal for ourselves – spurring innovation in a highly-regulated environment with the introduction of a first-of-its-kind, consumer-centered credit card. From the beginning, we’ve believed that doing this the right way requires the support of seasoned legal and compliance professionals who exhibit a combination of creativity, deep analytical skills, and legal and product expertise.
The Consumer Compliance Attorney Role
In such a highly regulated industry as consumer credit, a smart and well-executed Compliance program can be a competitive advantage. We’re looking for a Consumer Compliance Attorney to join our team. This person will be charged with executing critical, time-sensitive operations with diligence, efficiency, and precision. A successful candidate would exhibit pragmatism, collaboration with business stakeholders, and a strong grasp of the ever-evolving regulatory landscape. In addition, given that we are a startup, we are seeking a proactive and outcomes-oriented person who can keep pace with the quick twists and turns of our business, wear multiple hats, and get others to support and advance the Compliance agenda. This role reports to the Chief Compliance Officer.
- Partner with the CCO to oversee and manage Petal’s Compliance Management System.
- Assess, develop and implement sustainable compliance risk management structures and processes, including risk assessment, monitoring and testing, corrective action and reporting.
- Lead the process of reviewing and updating Petal’s policies and procedures as necessary to support evolving business practices.
- Navigate complex consumer finance regulations with the assistance of outside counsel; proactively identify potential issues and craft pragmatic solutions.
- Provide advice and counsel to teammates across the organization; the ideal candidate not only provides well-developed, actionable legal/compliance advice, but also acts as a business advisor based on developing a deep understanding of the company’s business, strategy and regulatory environment.
- Provide practical, timely responses to compliance questions and requests from team members.
- Assist in educating Petal staff on relevant regulations and laws that affect their functional areas; proactively ensure that they are fulfilling training requirements.
- Support regulatory audits and examinations.
- Act as Compliance lead with respect to monitoring and resolving consumer complaints.
- Assist with vendor management process.
- Assist with the management of compliance processes related to BSA/AML, OFAC and Dodd-Frank laws and regulations.
Characteristics of a successful candidate:
- J.D. and a member of the NY bar in good standing or the ability to become a NY Registered In-House Counsel.
- 7+ years of relevant legal/compliance experience with 3+ as in-house legal counsel or compliance counsel with demonstrated experience in consumer finance. Experience in a rapidly growing fintech, consumer finance business or bank is a plus.
- Knowledge and application of consumer protection laws and regulations, including, Reg. Z, ECOA/Reg. B, Fair Lending, UDAAP and FTC standards; experience with BSA/AML compliance a plus.
- Sharp and critical eye for details. Attention to detail and excellent work product are prerequisites.
- Strategic, with the ability to understand high-level context. We’re looking for an individual that can see the big picture and can also zoom in to minute detail.
- Strong, effective negotiator. This individual not only can give strong voice to the company’s positions and interests, but can effectively convince, win support and build consensus.
- Comfort in ambiguity. We’re looking for someone who is scrappy, who can make decisions with less than perfect information, and who can successfully navigate uncertainty.
- Problem-solving versatility and resourcefulness. There will be many new and unexpected issues, and we need someone who can do the required research/networking and analysis to propose well-developed, actionable solutions.
- Emotionally intelligent. The ideal candidate makes realistic self-assessments and understands the impact they have on others; takes constructive feedback well; is comfortable with ambiguity and change; and has a passion for their work and constant energy to improve.
- Positivity, empathy, and creativity. We’re looking for someone buoyant, who looks on the bright side and finds creative solutions to tough problems.
- Outstanding communication skills, oral and written. This person can present complicated issues clearly, simply and succinctly, enabling effective collaboration with cross-functional internal teams and external stakeholders.
- Strong self-management, drive, and organization. The ideal candidate has a natural penchant for organization and the ability to work independently, simultaneously manage multiple projects in a fast-paced environment, follow through and meet short deadlines.
- Process creation, improvement and optimization will be second nature to this person.
- Superior client service skills and “bedside manner”. Capable of accepting a high degree of responsibility and delivering on projects as part of cross-functional teams.