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Legal Specialist, Deposit Operations

Company: SVB Financial Group
Location: Tempe
Posted on: June 12, 2021

Job Description:

Responsible for the handling of legal documentation targeting deposit clients of the Commercial and Private Bank. Determines the enforceability of any orders, searches systems of record, and takes proper action to document and execute all orders assigned within a defined service level standard. Reviews procedures while handling requests and escalates items to peers, management, and counsel as needed.

Performs the implementation and quality assurance activities necessary to establish client deposit accounts including the data input; processing; and quality review of the client request. May be responsible for some or all of the activities, which include:

Legal Orders (tax levies, order to withhold, notice of Freeze, court garnishments, etc.)

  • Receive and review to determine if they are valid
  • Search our systems to verify it is one of our clients
  • Generate response if a non or former client
  • If active client, execute the order (debit funds), prepare response to levying body, and notify client.
  • Review account history to determine amount of funds that can be withheld based on regulatory restrictions.
  • Order cashier check from our branch
  • Prepare response and tracking to ensure requested funds are delivered.
  • Restrict accounts as needed and place proper monitoring flags.
  • Handle client and/or Relationship Advisor inquiries

Account Control Agreements (DACA, BACA, Exclusive Control)

  • Receive requests for clients who need Account Control Agreements or to have their existing agreements amended or terminated.
  • Review documentation to validate correctness and enforceability.
  • Provide countersignature on behalf of the Bank.
  • Document in core system, apply/remove fee codes and pass forms to be documented in client file.
  • Field requests for negotiated terms and inquiries on the product's use from internal or external parties (client, creditor, or legal counsel)
  • Collect and review all required PATRIOT ACT documentation as required for controlling parties for all triggering events. Enter information into Lexis Nexis and request any follow up documentation as required. Log all clarifying documents for potential audit.
  • Restrict accounts as needed and place proper monitoring flags.
  • Interface with Creditor and/or their legal counsel to determine if transactions should be paid/returned on a daily basis (via phone or email) and document all conversations.
  • Receive requests for ad-hoc wires and process as needed while performing proper validation and callback processes.

Subpoenas

  • Receive, log, and review subpoena to determine enforceability.
  • Review document to interpret confidentiality based on state and or federal statutes
  • Contact requesting attorney, investigator, or federal agent, to clarify any requests and (if necessary) negotiate terms of the subpoena to narrow scope or change due date.
  • Notify client (if allowed) and serve as direct escalation point within the Bank.
  • Document all conversations and escalate any necessary items to legal counsel.
  • Collect and organize all required documentation. Flag items for confidentiality (as required), and redact all unnecessary information.
  • Prepare documentation for delivery and ensure it is delivered on due date requested.
  • Provide support for requesting parties as they review documentation (via email of phone).

Bankruptcies

  • Obtain and review documents to determine court rulings and determine SVB requirements
  • Interface directly with client and/or their counsel in addition to their relationship team to request documentation and/or explain any system limitations.
  • Implement required actions in core system or contact proper parties to facilitate changes and ensure order compliance.
  • Collect and review all required PATRIOT ACT documentation as required for controlling parties for all triggering events. Enter information into Lexis Nexis and request any follow up documentation as required. Log all clarifying documents for potential audit.
  • Restrict accounts as needed and place proper monitoring flags.
  • Receive requests for ad-hoc wires and process as needed while performing proper validation and callback processes.

Escrows

  • Field inquiries from internal/external parties (RA, RM, client, counsel, etc) regarding clients that have requested an escrow account. Review request, join sales calls, and determine acceptability of request.
  • If request not acceptable for SVB's product refer to partner bank or partner with counsel to negotiate agreement terms.
  • If request is acceptable serve as liaison for client, third-party, and relationship team to collect all required documentation.
  • Open escrow account and add all proper restrictions/flags.
  • Monitor account to ensure no improper transactions are posted.
  • Receive requests for ad-hoc wires and process as needed while performing proper validation and callback processes.

Quality Assurance

  • Performs detailed quality review of all processes as listed above for accuracy
  • Participates in selected regulatory monitoring

Report Generation

Processes, reviews, and files reporting on a regular basis for regulatory/legal compliance related to e-Filing contracts and Bankruptcy Trustee agreements.

Generate and prepare reporting for business partners relating to service received on a quarterly basis.

Serves as point of escalation and handling other projects related to any legal actions as described above; or other internal process improvement/enhancements.

Participates in meetings, coaching and other duties as assigned by management

Routinely makes recommendations that require approval to implement with the occasional decision without approval.

Works within established procedures, processes and/or regulatory guidelines and utilizes authority matrix to level of determinations. Independent judgment is minimal as decisions are predominantly guided by precedent or process.

Develops recommendations to improve processes and effectively communicates best practices within team.

Works closely with legal, compliance and product to determine appropriate actions or recommendations regarding requests.

Strong understanding of bank products, regulations, processes and procedures

Understanding of legal actions such as garnishments, levies, subpoenas, loan agreements, deposit agreements

Strong ability to multi-task, handle high volumes, and support cross-functional teams

Excellent written and verbal communication skills with ability to convey information

Able to independently research and solve simple to moderately complex scenarios

Solid networking skills, strong ability to establish relationships with customers and colleagues.

Strong attention to detail

Critical thinking with the awareness to know when to challenge or question

Aptitude for understanding legal documentation and regulations

Competencies

  • Organizational Skills
  • Thoroughness
  • Problem Solving
  • Accountability
  • Time Management
  • Flexibility
  • Project Management
  • Collaboration

Required Education and Experience

  • High School Diploma or Equivalency PLUS
  • 4-6 years of related professional experience (banking/financial services industry) OR
  • 6-8 years of overall experience
  • Bachelor's Degree desired and may be considered as 1-2 years overall experience

Solid experience working in highly regulated arena with requirement of precise execution of activities

The employee must have the ability to use a computer keyboard, mouse, calculator, copier/fax machine, scanner and telephone. While performing the duties of this job, the employee is regularly required to talk and hear. Employee must have close visual acuity to perform an activity such as: reviewing and analyzing information; transcribing; and/or viewing a computer screen. Employee may be required to make quick decisions as to when to escalate or directly address a situation, as well as handle the stress of such situations. The work environment is indoors with a majority of time spent sitting at a desk

Keywords: SVB Financial Group, Tempe , Legal Specialist, Deposit Operations, Other , Tempe, Arizona

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