Credit Risk Manager - CREB Community Development Banking
Los Angeles, California;San Francisco, California; Phoenix, Arizona
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Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates' physical, emotional, and financial wellness through affordable, competitive and flexible benefits.
We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.
Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
This job is responsible for overall portfolio or product set performance and asset quality and may include credit approval authority. Key responsibilities include focusing on but not limited to credit, market, and reputational risk; as well as adherence to credit risk policies and external/internal reporting, including but not limited to Top of House (TOH) and Line of Business (LOB) specific reports or regulatory related reporting. Job expectations include having detailed knowledge of regulatory issues and providing expertise on highly complex transactions to business/support partners.
Responsibilities:
Sets or oversees the ongoing management of risk parameters and guardrails for credit risk while ensuring adherence to risk appetite/limits, and actively inspects and/or designs risk scenarios to implement decisions
Supports or oversees the credit approval process and therefore is accountable for overall portfolio performance and asset quality, including underwriting, structuring and monitoring tasks
Conducts analysis, inspects and/or develops credit risk reporting for specific products, and monitors and reports on key indicators for changes in credit quality to communicate to senior management
Sets or oversees adherence to policy and standards and ensures first line credit officers and managers are appropriately performing due diligence that the risk is within the bank's defined risk appetite, using knowledge of stress testing and its applicability to credit risk
Monitors for adherence to industry risk governance, as well as monitoring for potential operational, reputational and market risk issues
Identifies risks early that could impact the assigned portfolio and coordinates with business counterparts to resolve portfolio issues
Translates and manages plans of action to achieve a goal across varying audiences
Position requires knowledge and experience with an affordable housing loan portfolio and tax credit investment product set, especially Low Income Housing Tax Credit investments.
Position provides credit policy and portfolio management guidance to business partners. Responsible for West Region CDB portfolio and that region's production offices.
Mandatory components of the position are applying Credit Risk Policy, overseeing portfolio reviews, forecasting regional asset quality performance, studying industry practices, and working with Credit Officer and Underwriter teammates from deal screening through credit approval, legal documentation and closing. Position will also focus on quick resolution of any problem loans/equity investments should issues arise.
Position will have joint credit approval authority, provide expertise on complex transactions having both debt and equity investment exposures, and ensure all approvals and decisions are consistent with the Bank's Risk Framework.
Position works directly with the business managers, product and marketing managers, legal, corporate finance, regulatory and executive risk management while managing risks for a multi-state territory.
Role provides guidance and mentoring to junior associates and will have input for policy content when updating and reviewing policies applicable to Community Development Banking debt and equity products.
Position requires a bias for action and a commitment to achieving sustainable results.
Role may require occasional travel for direct client contact or project and market inspections
Required Qualifications:
10+ years of related experience within a financial institution or at least 5+ years of direct experience with federal tax credit investments
Must have superior communication and credit skills
Knowledge of the primary functions of Community Development Banking teams at Bank of America
Credit analysis and underwriting experience for multifamily housing, including financial accounting principles, loan structuring, and experience with interest rate protection products.
Technical knowledge and skills pertinent to federal and state tax credit equity investments (especially Low Income Housing Tax Credits and Historic Tax Credits), or prior experience in a risk management role.
Requires close working relationships with various business partners.
Skills:
Credit and Risk Assessment
Critical Thinking
Risk Analytics
Risk Management
Strategic Thinking
Decision Making
Interpret Relevant Laws, Rules, and Regulations
Issue Management
Portfolio Analysis
Regulatory Compliance
Business Intelligence
Financial Accounting
Inclusive Leadership
Influence
Presentation Skills
Shift:
1st shift (United States of America)
Hours Per Week:
40
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
View your "Know your Rights (https://www.eeoc.gov/sites/default/files/2023-06/22-088\EEOC\KnowYourRights6.12.pdf) " poster.
View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy ("Policy") establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. Should you be offered a role with Bank of America, your hiring manager will provide you with information on the in-office expectations associated with your role. These expectations are subject to change at any time and at the sole discretion of the Company. To the extent you have a disability or sincerely held religious belief for which you believe you need a reasonable accommodation from this requirement, you must seek an accommodation through the Bank's required accommodation request process before your first day of work.
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
