SVP, Head of US Regulatory Legal
Role Summary :
The SVP Head of US Regulatory Legal reports to the Head of Corporate and Regulatory Legal and is responsible for legal advice and counselling senior management in respect of US banking and related compliance laws and regulations and representing the State Street group regulatory posture with its principal regulators, the Federal Reserve and Mass Division of Banks, and other US supervisory agencies (e.g. the FDIC, OCC and other state banking authorities). Due to the extraterritorial reach of State Street’s US regulators, this is a global role. The role advises senior executives in State Street’s enterprise-wide Compliance, ERM, Finance (including Treasury, Regulatory Reporting and Strategy) divisions and all business units and legal entities on the application of US bank regulatory laws and regulations within the US and internationally.
The role will have managerial responsibility for approximately 10 experienced regulatory lawyers based in the US.
The role is accountable for collaborating with senior leadership and other professionals within the Legal Department, including legal, public policy, corporate secretarial and security professionals.
The role requires a heightened sensitivity to State Street’s status as a G-SIB, the associated regulatory expectations and standards and the evolving regulatory environment.
Key Responsibilities include :
- Legal advice and proactive and preventative counselling on :
Laws and regulations relating to capital and liquidity for State Street as applied by senior leadership of the Finance division, including Treasury and Reg Reporting; specifically capital adequacy, capital distributions / contributions, CCAR, TLAC, liquidity stress testing, SLR, LCR and NSFR
Federal Reserve alphabet and other core requirements (e.g. regs H, K, O, R, U, W, Y and YY), including enhanced prudential standards, risk management framework, SCCL Volcker and management interlocksMassachusetts state banking laws and regulationsInternal restructurings and external M&A and investment / JV activity in collaboration with business units, corporate, business unit and international legal teams, corporate strategy team; regulatory strategy, contractual provisions, preparation / management of regulatory applications; and on control determinations (including related implications)New and evolving potential product opportunities (e.g. Fintech and alternative investments), including permissibility analyses and new product evaluationsEdge Act compliance, including SSIH (State Street’s Edge Act subsidiary), licensing and permissibility of State Street presences within North America, including with respect to State Steet’s national banks, and permissibility of employee movementsAnti-money laundering, Sanctions, Financial CrimesCentral compliance programs, including regulatory change, ethics, privacy, Edge Act, Community Reinvestment Act, tax-advantaged investments, confidential supervisory information, ESG, anti-tying, anti-boycott, political law and lobbying, compliance policy reviewsSupervisory examinations and inspections and associated regulatory correspondence, including the annual status review and confidential mattersSupporting Public Policy team on developing policy responses on rulemaking, including G-SIB regulationEmerging regulatory changes, identifying material trends, ensuring awareness amongst relevant stakeholders and escalating applicable risk issuesStrategically foster and maintain effective relationships with US federal and state regulatorsDevelop relationships with peers within the financial services industry, at other GSIBs, with internal counsel at regulatory bodies, and represent State Street in senior industry regulatory forumsServe on applicable company-wide committees as requestedEnsure timely reporting of relevant risks, developments and events to Legal Department senior leadershipLeadership and management of a team of approximately 10 lawyers, promoting communication and collaboration within the Legal Department and with other corporate functions and business lines and ensuring that there are clear lines of reporting and escalation, authority levels, objectives and progress against performance prioritiesDevelopment and management of the headcount, legal fee and operational budget for the US Regulatory Legal team as assigned by the General Counsel or his Direct ReportsQualifications :
Minimum of 15 years of relevant US legal experience inhouse or in private practiceProven interpersonal and communication skillsDetailed understanding of US banking regulatory requirements, the regulatory landscape and demonstrated direct advocacy experience engaging with banking regulatorsDemonstrated experience in stakeholder management, evaluating risks and counselling with sound judgementHighly organized with extensive problem-solvingGSIB experience and understanding of asset servicing industry are assetsJuris Doctor degree and admitted to practice and in good standing in at least one U.S. jurisdictionWe are an equal opportunity employer and welcome applicants from diverse backgrounds. State Street is committed to diversity, equity, and inclusion, and we strive to create a work environment that is welcoming and inclusive to all employees.
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