Sr. Collateral & Safekeeping Operations Specialist

Commensurate with education and experience.
Jun 13, 2024
Aug 22, 2024
Full Time
Join the FHLBC team!

At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

• Retirement program (401k and Pension)
• Medical, dental and vision insurance
• Lifestyle Spending Account
• Generous PTO plan
• 11 paid holidays per year
• Hybrid working model

Who we are

Our mission at FHLBank Chicago: To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities.

Simply said, we're a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.

What it's like to work here

At FHLBank Chicago, we bring people together. Our regular All-Staff meetings keep employees informed and our values drive the work that we do. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Through our Office of Diversity, Equity and Inclusion (DEI), we host signature and employee-led events to celebrate our differences and learn from each other and identify volunteer opportunities to strengthen our communities; and Employee Resource Groups (ERGs) and culture teams create connections around shared interests and experiences. We offer live and on-demand professional development opportunities to grow your skillset and your career.

What You'll do

In this role, you'll evaluate and monitor member collateral to secure all outstanding credit obligations. You will also be responsible with leading the Bank's safekeeping process for our members which includes entering and confirming trade instructions, monitoring settlements, and responding to member inquiries. Other daily responsibilities include department reporting, reconciliation and settlement of Bank and member transactions including pledges and releases for both loan and securities collateral, assisting internal (sales, front office, credit, accounting) and external (members) stakeholders with all department related inquiries.

How you'll make an impact:
  • Ensure that all inquiries from either internal or external stakeholders are responded to in a timely manner.
  • Supporting the team by completing daily tasks, improving process efficiencies, and being a team player who brings in positive energy.
  • Supporting the bank to create a more inclusive work environment.

What you can expect:
  • Manage member safekeeping accounts to assist with trade settlement, asset and income reconciliation.
  • Learn to evaluate the collateral position of Members each time credit is extended or collateral is released. Assist in underwriting advance requests.
  • Learn and be responsible for reviewing and evaluating member's pledges, including residential and commercial mortgages and investment securities, for compliance and acceptability with policy.
  • Periodically analyze collateral positions of all members that have been extended credit through the use of data mining and analysis.
  • Responsible for all facets of pledging process, maintain pledge records and documents, resolve discrepancies, monitor exceptions, and reconcile accounts.
  • Transition members through changes in pledging terms commensurate with risk rating upgrades/downgrades.
  • Work with other creditors on collateral pledging arrangements that meet member's needs while maintaining the Bank's security interest.
  • Work with custodians to reconcile pledged assets for both loans and securities.
  • Manage collateral positions resulting from member mergers or receivership.
  • Manage daily derivatives collateral process including settling security and cash collateral positions with the Bank's counterparties.

What you'll bring:
  • Bachelor's Degree in Finance/Economics or related field
  • 3+ years of relevant experience
  • Safekeeping/securities management experience a plus
  • MS Office Suite skills required
  • Experience with SQL or Tableau is a plus with data mining experience
  • Strong communication skills to a variety of audiences, in both written and oral format.
  • Willingness to work with others in a team environment.
  • Ability to prioritize, manage multiple responsibilities, and meet deadlines.
  • Strong work ethic.
  • Quantitative analytical skills and problem solving.
  • High degree of use of judgment to make appropriate decisions and recommendations.

The Perks

At FHLBank Chicago, we believe in rewarding our high performing workforce. We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees. Our retirement program includes a 401(k) and pension plan. Our wellbeing program supports employees at work and in their personal lives: Our generous PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for employees to support wellbeing activities; and our central downtown location at the Old Post Office provides easy access to public transportation and breathtaking views from our award-winning rooftop. Step into a brighter future with us. #LI-Hybrid

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