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Financial Management Scholars Program (Consumer Protection)

The FDIC is currently recruiting students for its highly selective Financial Management Scholars Program (FMSP), a paid summer internship for highly-qualified college juniors majoring in economics, business administration, finance, accounting, mathematics, statistics, and related fields. It provides participants with hands-on experience evaluating bank operations, business planning, risk management strategies, and consumer protection practices.

Scholars attend a one-week orientation session in Washington, DC, followed by 9-10 weeks of on-the-job training in one of the FDIC’s field offices (with 34 internship locations are available nationwide). Scholars work on teams with experienced FDIC employees in their assigned field offices to ensure that banks are following safe and sound banking practices, maintaining effective internal controls and procedures, managing their institutions effectively, and/or complying with all applicable consumer protection, fair lending, and other laws and regulations. Scholars will also complete an automated writing assessment during the field office assignment before returning to Washington, DC, for the program’s capstone week to share their experiences and participate in additional skills assessments. At the end of the program, Scholars may receive post-graduation employment offers with the FDIC.


Responsibilities
Financial Management Scholars (FMS) will be assigned to the Division of Depositor and Consumer Protection (DCP). Scholars will work directly on teams of experienced FDIC employees to evaluate bank operations, business planning, and consumer protection practices. These teams are responsible for assessing financial institutions to determine whether they are following safe and sound banking practices, maintaining effective internal controls and procedures, managing their institutions effectively, and complying with all applicable laws and regulations, including those relating to consumer protection, privacy, community reinvestment, and fair lending. Under the direction and supervision of an Examiner or Assistant examiner of higher grade, FMS will also:
·       Examine initial disclosures, periodic statements, advertisements, and other information to evaluate procedures and reviews for compliance with applicable regulations.
·       Examine closed-end non-real estate credit transactions for compliance with applicable regulations.
·       Review the Home Mortgage Disclosure Act loan application register for accuracy and assesses the bank’s overall reporting procedures.
·       Review adverse action notices for compliance, and to gain a cursory exposure to applicable lending-related regulations.
·       Examine a sample of residential, consumer, commercial and agricultural files to determine compliance.
·       Review applicable regulations and examination manual to become informed about the CRA.
·       Participate in discussing the overall examination process including evaluating the bank’s Compliance Management System (senior management oversight; compliance program, including the elements of polices, monitoring, and training; and audit procedures). Asks questions to gain clarification and understanding of examination policies and procedures. 
·       Observe the interaction between the FDIC and Bank personnel.
·       Respond to questions from other examiners regarding his/her section of the Report of Examination.
·       Review the CRA of an institution and participates in discussions for assigning its rating.
·       Prepare a summary of each performance factor describing why rating was assigned.
·       With the assistance of an experienced examiner, participate in meetings as appropriate.
·       Prepare a written summary of what was observed during the meeting/interview for input into the report or memo.

Compensation: Annual salary ranges from $41,654 to $57,327 ($20.03 to $27.56 per hour), depending on location. Scholars are paid bi-weekly and earn vacation and sick leave.

Program Dates:
Session 1: May 10 - July 26, 2021 (11 weeks)
Session 2: June 7 - August 30, 2021 (12 weeks).

Minimum Educational and Other Requirements:
1.   U. S. citizenship.
2.  Undergraduate enrollment at least half-time in a bachelor’s degree program at an accredited college or university.
3.    Completion of the junior year with a major in economics, business administration, accounting, mathematics, statistics, or a related field, an overall GPA of 3.25, and a planned graduation date between December 2021 and December 2022.
4.    Successful completion of the FDIC’s background investigation requirements.

Other Information: Scholars may elect to receive a one-time $2,500 stipend (in addition to bi-weekly salary) at the beginning of the program. Certain stipulations apply.

How to Apply:  
You may not apply for this internship through Handshake. If interested, you must apply online through the FDIC's online application system at the following URL by February 8, 2021 at 11:59 om, EST: https://www.usajobs.gov/GetJob/ViewDetails/585868700.

In addition to completing a short online application questionnaire, you must attach to your application a resume; an official or unofficial transcript showing courses completed and in progress, major, and overall GPA; and a cover letter explaining why you are interested in the FMSP. If you are selected for an interview, you will need to ensure that you have two references which need to be a current or past professor or a faculty member at your college or university who has a personal knowledge of your qualifications.  Applications will be deemed incomplete if all required documents are not received by the prescribed deadlines.

Veterans must include a copy of Form DD-214 to receive employment preference.