Counsel - Embedded , FinTech, Web

Overview

First Citizens seeks an exceptional attorney to join our team of driven legal professionals as Counsel. In this Counsel position, you will work closely with cross-functional teams to develop, implement, document and provide First Citizens’ suite of financial products and services to typically our most innovative commercial clients, including commercial clients of Silicon Valley Bank (a division of First Citizens Bank).

You will advise on a range of legal and regulatory issues related to payments products (including embedded payments products), deposit products, digital channels, the delivery of products and services to fintechs and related emerging areas (including cryptocurrency, digital assets, crypto-adjacent technologies and blockchain). Working with colleagues in Legal, you will collaborate with colleagues across a spectrum of disciplines within the Bank to support the delivery of the noted products and services within the Bank’s risk appetite.

Key attributes for success in the position are flexibility, creativity, teamwork and adaptability, which will allow you to collaborate effectively with colleagues in Legal, the business, corporate strategy, and our compliance and risk functions to implement practical, risk-calibrated solutions. A willingness to roll up sleeves is also essential. This is a hybrid role with at least Tuesday, Wednesday, and Thursday in-office in one of the preferred office locations (Raleigh or Charlotte, NC).

Regulatory Compliance and Legal Advisory:

• Provide legal and regulatory support for embedded payments products, deposit products, digital channels (SVB Go, mobile banking, etc.), products to be provided to fintech clients and related emerging areas (e.g., cryptocurrency, digital assets, crypto-adjacent technologies and blockchain)
• Advise with respect to laws and regulations impacting payments products, deposit products, fintech operations, crypto and related products, including BSA/AML rules, KYC rules, sanctions, third party risk management, custody issues, federal banking agency rules and federal and state money transmission laws.
• Provide analysis on complex regulatory matters such as Nacha rules, escheatment, FDIC brokered deposit rules, and FDIC pass-through insurance
• Analyze and communicate the impact of new law and regulations, such as the GENIUS Act and the FDIC Recordkeeping proposal, through client memos and other communication
• Advise corporate strategy and product development teams on a range of legal and regulatory issues related to the structuring, implementation and delivery of financial products, services and channels that the Bank’s crypto-native, Web 3.0, blockchain, digital asset and other fintech clients may seek
• Coordinate with and advise internal stakeholders, including the Treasury Management and Liquidity Solutions (TMLS) team, Corporate Strategy, 1
  
  LOD Customer Due Diligence team, Business Risk and Controls, 2
  
  LOD Risk, Compliance and Operations, to assist such stakeholders in exploring new products and initiatives and addressing regulatory changes and internal policy updates
• Offer guidance on potential legal risks and mitigation strategies in line with the Bank’s risk appetite with respect to the embedded payments, crypto and other related emerging areas
• Provide legal support with respect to examinations and inquiries from regulators for matters relating to embedded payments, fintech partnerships, crypto, new products offered by TMLS and similar matters
• Ensure awareness of developments in industry standards for embedded payments, crypto and other similar area in line with attorney’s coverage areas

Legal Documentation:

• Maintain current and compliant versions of certain legal agreements used by TMLS and the First Citizens Commercial Bank, including agreements for embedded payments, deposit products, digital asset custody and other similar agreements, updating them as needed to reflect regulatory changes, the latest industry standards and internal policy updates
• Provide legal support and advice to internal stakeholders with respect to customer contract negotiations related to Embedded Payments, Payment Facilitation Agreements,…