Product Specialty/Controller-Consumer Credit Accounting Team- CFO

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 financial reporting for a line of business. Key responsibilities include understanding business processes, continuing to develop comprehensive knowledge of accounting activities and reviewing month-end close to accurately reflect business results. Job expectations include partnering with upstream and downstream stakeholders and possessing accounting and financial reporting knowledge.

The Consumer Secured Lending Controller team is part of Global Legal Entity Controller (GLEC) group which is responsible for legal entity controllership activities for the Americas which includes the U.S., Canada, Mexico, Brazil and Nobramex.   The Consumer Secured Lending Controller is responsible for the accurate accounting and reporting of modified and non-performing loans for mortgage/vehicle lending in compliance with Generally Accepted Accounting Principles (GAAP) and regulatory guidelines. The team also performs various accounting, analysis and reporting activities as part of the monthly accounting close as well as supports the Bank’s regulatory reporting submissions by ensuring the data provided is complete and accurate in conformance with Federal Reserve Bank (“FRB”) and Office of the Comptroller of the Currency (“OCC”) instructions.  In addition, the team participates in a variety of data quality and data analysis routines to ensure the integrity of data residing in its financial accounting systems and two of the Bank’s Authorized Data Sources (BAC Mortgage Hub and BAC Vehicle Hub). The team is also involved in audits through interactions with regulators and auditors along with providing requested information and responding to questions. Understand technical or product specific accounting knowledge; Research and resolves/ processes accounting exceptions; prepares one or more of the following: data, GL balances, disclosures, SEC reporting.

Responsibilities:

• Ensures the ledger is accurate for a line of business line
• Adheres to accounting standards
• Partners with upstream and downstream stakeholders
• Comprehends business activities and how they influence accounting and reporting outputs

Line of Business Specific Responsibilities:

• Participate in the monthly accounting close by completing various data integrity checks, analysis and reporting. Ensure the accounting/reporting is completed in accordance with US GAAP, SEC and regulatory reporting requirements for the nonperforming loan portfolio as well as the loan modifications to borrowers in financial difficulty portfolio

• Support bank initiatives by participating in upstream changes to processes and systems that impact the BAC Vehicle Hub and/or BAC Mortgage Hub’s data including system conversions (BITB), new modifications and forbearance plans offered by the Bank (i.e., new disaster plans the Bank is currently executing on)
• Define new business requirements for regulatory and operational changes to processes/systems and work closely with technology teams to ensure changes to systems we manage are implemented as designed. Perform official sign-off on system changes.
• Collaborate with technology teams to ensure system fixes/enhancements are implemented correctly; perform end user testing (UAT) and post release testing
• Perform analysis using Microsoft SQL, research issues and provide input for resolutions
• Accountable for Loan Modification and Nonperforming portfolio data integrity, inclusive of 1) Ensure Oversight accounting application Rules Engine meets accounting policy guidelines, 2) Perform data quality reviews across residential mortgage and auto lending systems of record to confirm completeness and accuracy of the Modification and Nonperforming loan portfolios 3) Complete monthly and quarterly data reconciliations across Authorized Data Sources (ADS) and systems of record 4) Collaborate with the Loan Servicing line of businesses to remediate process and data quality issues
• Prepare and present slides in the quarterly Loan Modification Governance Council meetings with executives/stakeholders from various lines of business. Meetings cover a summary of metrics designed to communicate the loan modifications to borrowers in financial difficulty portfolio trends, process changes and the reporting of risks impacting the modification reporting processes
• Support the preparation of SEC and regulatory reporting submissions (FR Y-9C, Call report, etc.)
• Manage and maintain the SOX and SPI control environment to ensure controls are operating effectively as designed
• Support internal audits (Corp Audit, GCOR, other), financial statements audits (PwC) and regulatory exams (OCC, FRB) by drafting responses to inquiries, providing requested loan documentation and data from systems of record

Required Qualifications:

• 2 years’ experience interpreting, classifying and analyzing data Strong analytical and problem-solving skills
• Strong Microsoft Excel, Word and Power Point skills
• Ability to work in a self-directed environment and communicate effectively across all levels of the organization
• Foster a positive and inclusive work environment
• Bachelor’s degree in a related field

Desired Qualifications:

• Knowledge of mortgage and/or vehicle lending loan servicing and Loan/Lease accounting
• Exposure to MS T-SQL
• Familiarity with BAC applications: CLEAR, Over$ight, BMH, BVH, MSP, IALS, SBO
• Experience with regulatory reporting requirements such as SEC, FR Y-9C, etc

Skills:

• Financial Accounting
• Financial Analysis
• Reporting
• Stakeholder Management
• Attention to Detail
• Data Quality Management
• Written Communications
• Advisory

Shift:

1st shift (United States of America)

Hours Per Week: 

40