Financial Institution Interns will be assigned to the Division of Depositor and Consumer Protection (DCP). Interns will work directly on teams with experienced FDIC employees to evaluate FDIC-insured institutions’ compliance with fair lending and consumer protection laws and regulations. These teams are responsible for assessing financial institutions to determine whether they are maintaining effective controls and procedures, managing their institutions effectively, and complying with all applicable laws and regulations, including those relating to consumer protection, privacy, community reinvestment, and fair lending.
Under the direction and supervision of an Examiner-in-Charge or higher grade team member, the incumbent will participate in and/or independently perform the following:
- Assesses the adequacy and determines the strength of the Compliance Management System (senior management oversight; compliance program, including he elements of policies, monitoring, and training; and audit procedures) to ensure ongoing compliance as related to the particular regulation under review. Conducts reviews and assessments of the following:
- Examines initial disclosures, periodic statements, advertisements, and other information to evaluate procedures and reviews for compliance with applicable regulations.
- Examines closed-end non-real estate credit transactions for compliance with applicable regulations.
- Reviews the Home Mortgage Disclosure Act loan application register for accuracy and assesses the bank's overall reporting procedures.
- Reviews adverse action notices for compliance, and to gain a cursory exposure to applicable lending-related regulations.
- Examines a sample of residential, consumer, commercial and agricultural files to determine compliance.
- Reviews applicable regulations and examination manual to become informed about the CRA.
- Participates in discussing the overall examination process including evaluating the bank's Compliance Management System (senior management oversight; compliance program, including the elements of polices, monitoring, and training; and audit procedures). Ask questions to gain clarification and understanding of examination policies and procedures.
- Observes the interaction between the FDIC and Bank personnel.
- Responds to questions from other examiners regarding his/her section of the Report of Examination.
- Reviews the CRA of an institution and participates in discussions for assigning its rating.
- Prepares a summary of each performance factor describing why rating was assigned.
- With the assistance of an experienced examiner, participates in meetings as appropriate.
- After the meeting, asks questions and discusses exam findings with examiner-in charge or higher graded team member.