Credit Risk Manager
Company
Federal Reserve Bank of Boston
As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank's values: diversity, equity and inclusion, innovation, integrity, and leadership.
The Bank & Main Street Lending Program
As part of the Central bank of the United States, the Boston Fed works to promote sound growth and financial stability in New England and the nation. We contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts.
The Main Street Lending Program is designed to provide support to small and medium-sized businesses and their employees across the United States during the current period of financial strain by supporting the provision of credit to such businesses. The availability of additional credit is intended to help companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until conditions normalize. Small and medium-sized businesses are integral to the U.S. economy and create jobs for a large share of the U.S. workforce. A requirement of this position is that the employee must be fully vaccinated against COVID-19 or qualify for an accommodation from the Bank's vaccination policy; individuals who are unable to be vaccinated due to a medical condition or sincerely held religious belief may request an accommodation from the Bank
The Role
The Federal Reserve Bank of Boston (FRBB) is administering the Main Street Lending Program facilities through Special Purpose Vehicles (SPV) to support lending to small/medium-sized businesses and not for profits due to exigent circumstances caused by the COVID-19 pandemic. The Credit Risk Manager will play a critical role in supporting this important nation-wide initiative.
This position is responsible for assisting with the credit risk management of the Main Street Lending Program portfolio with a focus on non-performing loans and loan workout. The position reports to the Director of Credit Management. The individual will work with the Director of Credit Management and vendors hired by the SPV to assist with the management of the portfolio, contributing to the oversight and direction of workout activity for all Main Street Lending Facilities. The individual would consider themselves an experienced professional in commercial loan workouts with demonstrated capacity in working with outside vendors in performing needed workout activities. The role will also review recommendations provided by the Senior Credit Risk Analyst and vendors for individual loan credit actions and provide final recommendations to the Director of Credit Management and SPV management regarding approval of such actions. The individual requires flexibility to consider all options when setting workout plans for the Main Street Lending Program Facilities with a keen understanding on core rights act issues and program terms and limitations.
Responsibilities & Key Output
- Provide oversight and assist in the management of SPV Lender inquiry process involving core rights act matters working with Director of Credit Management, Operations and Legal teams. May involve active engagement with vendor(s) to form and make recommendations to credit committee.
- Coordinate with vendor and prepare quarterly reserve assessments for the portfolio working with Director of Credit Management and other credit team members.
- Provide coordination of credit-related activities in workout situations partnering with the Workout Advisor, the Eligible Lenders or Workout Administrator.
- Partner with the Director of Credit Management on designing and operating an effective governance process centered on an efficient decision-making framework.
- In coordination of the Director of Credit Management, complete portfolio review of all workout loans including disposition plan, risk ratings, impairment analysis and charge-off recommendations working with Credit Administrator and SPV accounting.
- Collaborate with the entire Credit team and Accounting, prepare loss forecasts using LGD and specific reserves for defaulted loans.
- Seek to minimize losses while maintaining compliance with Policy goals and considerations.
- Work with SPV counsel and FRBB counsel to oversee Workout Advisor or Workout Administrators and develop appropriate strategies to protect the SPV interests.
Other Accountabilities
Perform other duties as assigned.
Supervision
This position is not responsible for the direct supervision of other employees. The position will be expected to direct and oversee the work of vendors, as applicable.
What You Bring
- Knowledge and experience normally acquired through, or equivalent to, the completion of a Master's Degree
- 10+ years managing commercial loan portfolios, including workout/restructured loans or equivalent
- Extensive Credit training and experience with commercial loans
- Working knowledge of bankruptcy code is a plus
- Ability to work with Workout Advisor, Workout Administrator and Eligible Lender Banks
- Experience in portfolio surveillance reviewing risk ratings, specific reserves or charge-off recommendations
- The ability to work with Workout Advisor or Workout Administrators to decision any non-conforming risk ratings or credit situations
- Excellent writing and communication skills to prepare analysis and approvals
- Candidates must be highly proficient in credit risk and maintain current knowledge of related regulations, trends, and developments.
How You Will Be Successful:
- Demonstrate good judgment and well-reasoned decision making in situations that may involve complex issues, public scrutiny, market reactions, and potentially adversarial circumstances.
- Manage relationships with excellent interpersonal skills as well as effective negotiation and conflict resolution.
- Deliver excellent written and oral communications, with proven ability to effectively package and present material to senior executives.
- Show the ability to manage across to peers, vendors, as well as up to a matrixed executive team while being a consummate professional.
The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
Job Category
Supervisory/Management
Work Shift
First (United States of America)
The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
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