Director of Banking

About the role

The New Jersey Department of Banking and Insurance seeks a highly motivated, experienced leader to head the Division of Banking. Reporting to the Commissioner of the Department of Banking & Insurance, and nominated by the Governor, the Director of Banking supervises all state functions and duties relating to the supervision and regulation of banking and depository entities.

The Director of Banking oversees inspections, examinations, and regulatory filings to protect consumers and ensure safe and sound operations of financial institutions under supervision. The Division of Banking includes:

• The Office of Consumer Finance, which regulates non-bank financial institutions in the consumer finance, money service business, and mortgage industries.
• The Office of Depositories, which supervises the operations of state-chartered depository institutions and processes and reviews banking-related applications.

The Division serves as the state regulatory authority overseeing and supervising companies that operate as federal and private student loan servicers in New Jersey and provides the Office of the Student Loan Ombudsman. The Director also oversees the Real Estate Commission, which administers and oversees New Jersey’s real estate licensing laws and establishes standards of practice for the real estate brokerage profession.

The Director of Banking will represent the Department externally and manage relationships with regulatory peers, inter-agency partners, and industry groups. The position is appointed by the Governor, with the advice and consent of the Senate, and serves at the pleasure of the Governor. In the absence of the Commissioner, the Director may be designated acting Commissioner for all matters relating to Banking.

Requirements

• 15 years of experience in the banking industry or related regulatory matters.
• Expertise in banking industry regulatory matters, including internal audit and compliance.
• Strong leadership skills, including the ability to manage distributed teams across multiple workstreams and jurisdictions.
• Experience driving process improvements and customer service-oriented initiatives.
• The Director shall not, within the five years immediately preceding appointment, have been employed by, acted as agent or contractor for, or managed or controlled any entity engaged in the insurance business (as defined by state statutes), except for entities affiliated with a banking institution.