Assistant General Counsel, SoFi

$153.6-288k

Eligible for a bonus and long term incentives

Mid and Senior level
New York
San Francisco Bay Area
SoFi

Mobile & online personal finance services

Job no longer available

SoFi

Mobile & online personal finance services

1001+ employees

B2CBankingPersonal financeLendingInvestingMobile

Job no longer available

$153.6-288k

Eligible for a bonus and long term incentives

Mid and Senior level
New York
San Francisco Bay Area

1001+ employees

B2CBankingPersonal financeLendingInvestingMobile

Company mission

To help people reach financial independence to realize their ambitions.

Role

Who you are

  • You should be an intellectually curious self-starter with strong written and oral communication skills
  • JD from an accredited law school
  • Member of the applicable bar
  • 4 to 6 years of experience in financial regulation, with a focus on credit card products, payments, and bank sponsorship arrangements with FinTech companies, including experience with a major law firm and/or in-house counsel experience with a major financial institution
  • Experience with consumer financial regulations concerning credit card products, including but not limited to Regulation Z (Truth in Lending), Regulation V (Fair Credit Reporting), Regulation B (Equal Credit Reporting Act), Telephone Consumer Protection Act (TCPA), Military Lending Act (MLA), Servicemembers Civil Relief Act (SCRA), Fair Debt Collection Practices Act (FDCPA), Equal Credit Opportunity Act (ECOA), Unfair, Deceptive or Abusive Acts or Practices (UDAAP), Regulation P (Privacy of Consumer Financial Information), Gramm-Leach-Bliley Act, and Regulation E (Electronic Funds Transfers)
  • Experience with payments rules and regulations and advising financial institutions in structuring, documenting, and negotiating sponsorship arrangements with FinTech companies
  • Familiarity with current regulatory and risk management topics in consumer financial services and commercial payments law and risk management related matters and demonstrated knowledge of applicable regulations and supervisory expectations

Desirable

  • Experience with deposits products and applicable regulations (e.g., FDIC rules)

What the job involves

  • SoFi is seeking an attorney with a strong background in financial regulation, with a focus on consumer credit products and commercial payments services, to serve as Assistant General Counsel
  • The role will be focused on assisting the Associate General Counsel in providing legal counsel to our SoFi Credit Card and Commercial Payment Services businesses, in addition to providing counsel on other general legal matters for other parts of the SoFi enterprise, as required
  • The ideal candidate has a strong financial regulatory background in credit card products, payments, and bank sponsorship arrangements with financial-technology (FinTech) companies, including prior experience with a law firm and/or as in-house counsel for a major financial institution
  • Advise the Credit Card business on all matters pertaining to SoFi’s credit card products, including but not limited to the development, launch, and maintenance of credit card products, compliance with advertising and marketing requirements, credit reporting and debt collection practices, compliance with state and federal statutes that prohibit unfair, deceptive, or abusive acts and practices, privacy and data security, federal preemption issues, and electronic delivery of credit-related disclosures
  • Advise the Commercial Payments Services business in structuring, documenting, and negotiating sponsorship arrangements with FinTech companies and provide ongoing legal counsel to business leaders regarding existing sponsorship arrangements
  • Draft customer agreements, terms and conditions, and disclosures, and review user experience (UX), marketing assets, and customer communications for Credit Card and Commercial Payment Services businesses
  • Advise on all matters pertaining to supervision of SoFi’s Credit Card and Commercial Payment Services businesses, including regulatory compliance examinations and preparing and communicating management responses to examination reports and supervisory letters
  • Advise SoFi on the impact of proposed and new regulations, interact with regulators, and work with business partners and compliance across multiple functional areas within the SoFi enterprise
  • Research and evaluate consumer credit and commercial payments laws and regulations, guidance, interpretive letters, and opinions in the context of assessing risk factors regarding business decisions, operations, and preparing corporate policies and practices
  • Advise business leaders on contracts relating to the SoFi Credit Card and Commercial Payment Services businesses
  • Research unique legal issues impacting SoFi by identifying applicable statutes, judicial decisions, and codes
  • Keep abreast of legislative changes that may affect SoFi and its affiliates and the SoFi Credit Card and Commercial Payment Services businesses
  • Other assignments on an ad hoc basis

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Insights

Top investors

7% employee growth in 12 months

Company

Company benefits

  • Comprehensive health, vision, dental, life insurance, and disability benefits
  • Generous vacation and holidays
  • Paid parental leave for eligible employees
  • 401(k) and education on retirement planning
  • Tuition reimbursement on approved programs, up to $5,250 per year
  • Monthly contribution up to $200 to help you pay off your student loans
  • Great health & well-being benefits including: telehealth parental support, subsidized gym program
  • Flexible time off
  • Fertility and family planning options
  • Free financial classes

Funding (last 2 of 9 rounds)

Jan 2021

$369.9m

LATE VC

May 2019

$500m

GROWTH EQUITY VC

Total funding: $2.7bn

Our take

SoFi started by offering ways for students to secure better financial terms on their loans, and now offers a huge range of personal finance products, including bank accounts, loans, mortgages, investment advice, and investment opportunities. Many customers find they have to go to multiple financial service providers to meet all their finance needs, but SoFi overcomes this issue by putting it all in one place.

Its goal, to cover all the financial bases, sets them apart from many of the traditional banks and even some of their digital competitors, such as Avant, which has chosen to focus on providing credit alternatives. Although it is operating in a competitive market with a lot of big players such as Monzo, Revolut, and Starling, the company has managed to raise huge amounts of funding to support its rapid expansion.

SoFi has focussed on global expansion, moving outside the US, and has made a series of acquisitions to support this - including a Hong Kong-based investment app called 8 Securities. After going public on the New York Stock Exchange via a SPAC merger in June 2021, the company has continued to evolve and release more mission-oriented services into its roster, and strengthened its lending capabilities through a $350 million post-IPO loan. To date, the company has sold over $15 billion in personal loan collateral and continues to strengthen its offering.

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Kirsty

Company Specialist at Welcome to the Jungle