Rain is a venture-backed fintech with a mission to kill predatory financial products like payday loans. Our first product gives employees instant access to their wages, which solves a major problem for real people (115 million American workers are living paycheck-to-paycheck). Rain is the fastest-growing startup in the category and was incubated with QED Capital, a top fintech venture fund.

Our team culture is rooted in a deep commitment to Shokunin, the Japanese philosophy of giving your very best for the general welfare of people. Other core values at Rain: radical transparency and zero ego.

Job Description 

Rain is recruiting a regulatory compliance director experienced in the fintech, credit, deposit, and payment industry to implement and run the compliance program (non-financial crimes) in the United States.  You will be working closely with the Chief Compliance Officer, to help the teams at Rain implement a top-tier compliance management systems.  You will be responsible for various of compliance-related projects—nearly all of which will involve  collaboration with other pros at Rain, including product managers and engineers—so that Rain can fulfill its regulatory obligations in the United States.  Over time, other jurisdictions may be added to your responsibilities in this position, as Rain grows to serve customers in other countries.    

Your role is a Compliance Director, reporting to the General Counsel & Chief Compliance Officer

Responsibilities May Include:

  • Conducting risk assessments, designing and carrying out reviews for compliance, including preparing and presenting performance reports to the Chief Compliance Officer and other officers at Rain;
  • Drafting, revising, and implementing policies and procedures to address applicable regulatory requirements for Rain’s financial products and services;
  • Serving as a point of contact for regulatory compliance matters, and building productive working relationships with staff of federal and state financial regulatory agencies; 
  • Coordinating with relevant teams at Rain, as well as with financial institutions that Rain works with, to prepare accurate regulatory reports;
  • Preparing Rain’s managers and officers for external audits or regulatory examinations, as well as monitoring progress on measures necessary to remediate any findings to strengthen Rain’s compliance management systems; 
  • Creating training materials and carrying out training measures on a periodic basis (e.g., annually) so that Rain’s employees, managers, and officers are kept up-to-date on regulatory requirements and changes in Rain’s compliance management systems; 
  • Assisting with the provision of regulatory advice and recommendations to Rain’s business teams, including when new features are under development; and
  • Assisting with tracking laws and regulations in the U.S. that may apply to Rain’s financial products and services across its lines of business.  Identify emerging issues with Rain’s products and services so that various teams at Rain can plan ahead to develop and improve the systems the company can adopt to better serve its customers; and
  • Overseeing disputes and complaints management teams as it relates to quality assurance, root cause analysis, and reporting.

Our Ideal Candidate Will Have

  • A bachelor’s degree or higher;
  • 6+ years relevant compliance experience in one or more capacities with a banking institution, payments company, or financial regulatory agency (including with different types of those entities);
  • Solid working knowledge of industry sectors in banking, payments, and fintech (which concentrates on credit or deposit products);
  • Experience in advising on requirements of Regulation Z for open-end credit products;
  • Experience in advising on requirements of Regulation E for deposit and payments products;
  • Experience in overseeing a complaints and a disputes management programs;
  • Solid working knowledge of core operations of a consumer reporting agency and key requirements of the Fair Credit Reporting Act; 
  • Experience in interacting with financial regulatory agencies, particularly state regulators that supervise licensed creditors; and
  • Strong communication skills.

The Rain Instant Pay app provides early wage access for employees at mid to large-sized organizations to improve financial wellness and increase employee productivity.

With 63% of Americans living paycheck to paycheck, financial wellness tools are an important part of any employee benefits package. Rain works by giving advances on upcoming paychecks; it is not a loan and there is no interest. Employees pay a small fee for this service, which is healthier than payday loans. 

Rain’s mission is to regrow financial freedom by giving people full control over their income and to put an end to predatory financial products, replacing them with on-demand pay.

Find out more at https://rain.us, LinkedIn, Facebook, Twitter, Instagram, and YouTube.

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