The Division of Banks is currently accepting applications for the position of Counsel I. The filling of this position is subject to appropriation and obtainment of all necessary approvals from the Office of Consumer Affairs and Business Regulation and the Executive Office for Administration and Finance. The Division reserves the right not to fill this position without notice. This position will report directly to the Deputy General Counsel of the Legal Unit.
The mission of the Division of Banks is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth. The Division maintains public confidence in Massachusetts financial institutions through the oversight of state chartered banks and credit unions, as well as the supervision and licensing of the mortgage lending, money services business, sales finance, debt collection, and loan servicing industries operating in Massachusetts. The majority of the Division’s employees are Examiners who conduct a variety of on-site and off-site examinations at financial institutions and licensed entities under the Division’s jurisdiction.
The Counsel I provides legal support services to the Division of Banks’ supervision units and field examination staff in the many complex and specialized areas of law either administered or enforced by the agency. The Counsel I may be called upon to provide support to any of the Division’s units, including the Depository Examination Unit, the Non-Depository Examination Unit, and the Enforcement and Investigations Unit.
The Counsel I is responsible for: researching and drafting regulatory approvals, formal and informal legal opinions, and transactional and other regulatory approvals; responding to legal inquiries received by the Division from legislators, regulated entities, members of the legal community, consumers, other agencies, and agency staff; and researching potential legislation and regulations.
You will be a great fit for the Counsel I position if you have an interest in learning about various facets of state and federal banking laws; non-depository consumer finance laws; corporate and administrative law; consumer protection laws; as well as commercial, real estate, and securities laws. You will also be a great fit if you are able to effectively communicate with numerous parties and assist others in understanding legal inquiries of varying complexity.
The Division of Banks is proud to continue to offer flexibility as we adjust to the future of work. The Counsel I role is a hybrid position and various schedule options are available. In addition to telework, intermittent on-site work is based at the Division’s Boston office located at 1000 Washington Street. The position requires occasional travel to one of the Division’s field offices (Lakeville, Woburn, Springfield) and throughout the Commonwealth of Massachusetts. Division staff are also occasionally required to attend overnight training or participate in assignments which may be located out of state.
In addition to flexible work schedules and locations, Division employees are eligible for competitive Commonwealth of Massachusetts employee benefits which include generous leave policies and tuition remission at state colleges. The Division also offers a progressive training program and paths for career advancement within the agency.
The Division of Banks is committed to creating and sustaining a work culture that is welcoming, inclusive, and mutually respectful to all its employees regardless of race, color, age, creed, religion, national origin, ethnicity, sex, gender identity or expression, sexual orientation, genetic information, veteran or disability status. We strive to reflect diversity in all facets and levels of our agency. The Legal Unit values inclusiveness and diversity within their team. Within our community we strive to create and maintain working and learning environments that are inclusive, equitable, and welcoming.
The position is a union position in the National Association of Government Employees (NAGE) Unit 6 and the salary is within Grade 14. The annual salary range for this position is $68,016.52 to $98,517.12. Salary (step) placement is based on relevant experience.
Primary Duties Include:
- Research federal and state banking and consumer finance laws and regulations.
- Assist in developing legal and regulatory guidance and interpretations of applicable statutes and regulations to ensure that regulated entities are informed of the Division’s position regarding relevant issues.
- Draft official responses to regulated entities and their attorneys, including legal opinions, legal and regulatory guidance, and interpretations of applicable statutes and regulations.
- Respond to inquiries from external parties including regulated entities, industry representatives, attorneys, and consumers seeking clarification of the Division’s interpretation or application of statutes, regulations, regulatory bulletins, and advisory opinions.
- Ensure that accurate legal information reflecting the position of the Division is conveyed and correctly interpreted within the industry; provide accurate, up-to-date information in response to consumer inquiries.
- May assist in providing legal support to the staff of the Division’s Enforcement Unit and field examination staff for all facets of state and federal banking law including mortgage lender, broker, loan originator, and consumer finance regulations.
- Work with the Division’s primary Records Access Officer to review public records’ requests submitted to the Division, as assigned. Conduct research as necessary to determine exemption applicability. Draft responses to requests for review by Division attorneys, as necessary. Ensure that responses to public records’ requests are completed in a timely manner and in compliance with the Massachusetts public records law and regulation. Assist in the Division’s research, review, and preparation of responses to subpoenas for Division records.
- Assist in reviewing and analyzing applications filed with the Board of Bank Incorporation, and other merger, reorganization, stock conversions, and other transactional filings submitted to the Division, for legal sufficiency and compliance with relevant statutes. Ensure that all filings are complete and fully comply with applicable statutory and regulatory requirements. Draft summary materials, memoranda, decisions, and accompanying filing documents necessary to complete the proposed transactions.
- Review and analyze requests for regulatory approval. Ensure that requests for corporate approvals comply with all statutory and regulatory requirements. R esearch and draft responses to requests seeking confirmation or copies of legal filings to evidence a transaction such as a change of name, merger, purchase and assumption transaction or liquidation.
- Assist in the research and drafting of new regulations and amendments to the Division’s regulations. Ensure that the Division’s regulations remain current and, in response to policy directives of the Division, are timely updated to respond to industry developments and to address regulatory concerns that may arise in the future.
- Research and assist in the drafting of legislative summaries, proposed legislative testimony, and proposed legislation for filing by the Division to effectively address matters of regulatory concern affecting regulated financial institutions and licensees. Interface with members of the Joint Committee on Financial Services, and other committees as appropriate, in furtherance of proposed legislation.
- Review the potential impact of proposed and enacted federal legislation and regulations on the Commonwealth’s financial services industry. Interface with other state banking regulators and federal regulators at the FDIC, Federal Reserve Bank, Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and National Credit Union Administration to review applications, information sharing agreements, regulatory enforcement actions, and other legal matters as they arise focusing on matters of mutual regulatory concern.
- May assist during administrative or adjudicatory hearings relative to the issuance, suspension, or revocation of licenses to the over 3,500 regulated licensees and more than 4,000 licensed loan originators under the jurisdiction of the Division.
- Interface with attorneys representing licensed entities in the enforcement process and related follow up communications.
Preferred Qualifications:
- Familiar with Massachusetts and Federal Banking Law, structure of state and federal banking institutions and licensed entities, and legislative processes – or a commitment and plan to develop a thorough understanding of these areas of law. Familiar with principles of Administrative Law and Commercial Law.
- Ability to independently research and develop solutions for problem areas encountered and analyze complex legal issues and identify proposed solutions to same.
- Ability to write concisely, to express thoughts clearly, to develop ideas in logical sequence, and to clearly describe and explain legal issues and research results.
- Ability to give written and oral instructions in a precise, understandable manner.
- Ability to exercise discretion in handling confidential information and to apply sound judgment in administering public and non-public information.
- Ability to take initiative, work independently and productively, and organize a workload consisting of multiple competing priorities in order to complete tasks and assignments on time and with a high level of quality.
- Demonstrated commitment to valuing diversity and contributing to an inclusive working and learning environment
Qualifications:
First consideration will be given to those applicants that apply within the first 14 days.
MINIMUM ENTRANCE REQUIREMENTS: Applicants must have a Juris Doctor (JD) degree, admission to the Massachusetts Bar and some experience in legal research, legal writing, and legal procedures and processes.
Incumbents may be required to have a current and valid Motor Vehicle Drivers License at a Class level specific to assignment.
Comprehensive Benefits
When you embark on a career with the Commonwealth, you are offered an outstanding suite of employee benefits that add to the overall value of your compensation package. We take pride in providing a work experience that supports you, your loved ones, and your future.
Want the specifics? Explore our Employee Benefits and Rewards!
An Equal Opportunity / Affirmative Action Employer. Females, minorities, veterans, and persons with disabilities are strongly encouraged to apply.
The Commonwealth is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, color, sex, gender identity or expression, sexual orientation, age, disability, national origin, veteran status, or any other basis covered by appropriate law. Research suggests that qualified women, Black, Indigenous, and Persons of Color (BIPOC) may self-select out of opportunities if they don’t meet 100% of the job requirements. We encourage individuals who believe they have the skills necessary to thrive to apply for this role.