Counsel - Embedded Payments, FinTech, Web 3.0

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)

Responsibilities

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 b

lockchain)

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, 1LOD Customer Due Diligence team, Business Risk and Controls, 2LOD 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, FBO and OBO Agreements, Deposit Agreements and Digital Asset Custody Agreements, including the direct negotiation of such contracts in certain cases

Review and manage the requirements for FBO clients to submit outside counsel opinion letters (i.e., money services business licenses)

Support new product development and implementation through the development of new contracts applicable to such products, including drafting agreement templates and holistic amendments to existing contracts

Qualifications

Basic Skills and Requirements :

A J.D. from a top tier law school and excellent academic credentials

At least 6 years of relevant experience (either at a top-tier law firm, in-house, or equivalent)

Experience in financial services / banking industry preferred

Experience with any of complex vendor contracts, money services businesses, money transmitters, payments products, deposit products, fintechs, digital assets, blockchain technology and / or cryptocurrencies a plus

Admitted to practice in state of residence

Additional Requirements :

Experience preparing, reviewing, and revising complex commercial contracts

Excellent written and verbal communication skills, excellent contract negotiation skills, and ability to clearly and concisely communicate complex legal information to a diverse audience

Hard working, well organized, and able to manage numerous projects simultaneously under tight deadlines

Active listening and strong problem-solving skills

Ability to evaluate and advise on legal risks in a way that supports strategic business outcomes within the Bank’s risk appetite

Willingness to learn and work on a broad range of legal matters / topics, including outside primary area of expertise

Ability to push back and “stand your ground” in a professional and diplomatic way

Ability to manage outside counsel on a cost-effective basis

Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https : / / jobs.firstcitizens.com / benefits.

Company Description :

Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank serves customers in 18 states and the District of Columbia. For over 100 years, customers have trusted First Citizens with their money … and their futures. Today, First Citizens is the largest family-controlled bank in the nation and the sixth-largest bank franchise headquartered in the Southeast with more than $30 billion in assets. We employ more than 6,000 associates who are focused on helping our customers achieve a lifetime of success. First Citizens operates more than 570 branches in Arizona, California, Colorado, District of Columbia, Florida, Georgia, Kansas, Maryland, New Mexico, Missouri, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia.

First Citizens Bank. Forever First®. Member FDIC.

Equal Opportunity / Affirmative Action Employer / Minority / Female / Disability / Veteran

If you need special assistance or an accommodation in applying for employment at First Citizens Bank, please contact our Human Resources department.