Skills— The person must have strong organizational, analytical, critical thinking and problem-solving skills. Also, the person must be able to balance multiple tasks and priorities and have outstanding work ethics and sense of urgency.
Experience—
Four to eight years of experience required, preferably with a mix of public and private experience in banking or financial services with an emphasis in SEC reporting. Big Four Public Accounting experience a plus
Credentials
CPA, CFA, Series 7
Managerial
Scope: (Select One)
Team Overview
Please write a brief summary up to 50 words describing the Department function from a high level.
Financial Accounting (FA) is responsible for all daily, weekly, monthly and quarterly accounting and reconciliations, as well as all required reporting to the SEC, FHFA and OF. FA works with various stakeholders including HR, Legal, Corporate Real Estate, Membership, Senior Management, SOX, internal and external auditors and the OF.
Position Overview
Please write a brief summary up to 50 words describing the position from a high level.
This position is responsible for supporting the external reporting function; SEC reports to include 10-K and 10-Q, and various reports filed with bank regulators. Research technical accounting/reporting matters; and other special projects as assigned by Manager or Sr Manager of Financial Reporting. In addition, this position will have a significant role in implementation of new trade accounting subledger.
Essential Job Function: - Please list the essential duties, please be concise and impactful for more information on essential duties click here
Essential Duties:
Internal Reporting
• Heavy involvement with implementation of new trade accounting subledger. This will include configuration, integrations with other Bank applications and UAT testing,
• Support accounting reconciliations and reporting functionality for all fixed income products including mortgage loans.
• SME level cash flow understanding. Prepare quarterly Statement of Cash flow for regulatory and SEC. Prepare insightful quarterly variance analysis for senior management.
• Research for explanation of any variances of trading subledgers and general ledger.
• Review/Approve daily summary of settlement breaks.
• Sign off on controls governing the DDA Cash balance, general ledger, the mortgage provider’s database and in-house mortgage loan application proofs for completeness and accuracy. Exceptions are followed up and resolved in a timely manner.
• Review/Approve monthly analysis for Real Estate Owned property to ensure activities are booked in GL appropriately.
• Streamline month end account analysis process. Design accounting/reporting specifications for systems.
• Manage relationships with third party vendors.
• Prepare periodic management reports and financial statements.
• Take a leadership role in system design and implementation projects, particularly those closely related to financial reporting.
SEC Reporting
• Manage the quarterly and annual SEC filings (i.e., 10-Qs and 10-K) which include generating and compiling supporting documentation.
• Supervise the production of financial statements and support for Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in the 10-Q/K.
• Collaborate with employees from other departments to ensure proper accounting for fixed income trading products including mortgage loans.
• Research current accounting and reporting issues, trends, and policies to be applied to applicable transactions and/or SEC filings.
• Review disclosures in the 10-Q/K for accuracy. Initiate changes to streamline the SEC reporting process.
• Manage the preparation and accuracy of the Statement of Cash Flows.
XBRL Tagging
• Review and research XBRL tagging prepared by the third party vendor (Workiva) to determine if the tagging is in compliance with SEC guidelines. Work closely with vendor to rectify tagging errors.
• Work closely with other 11 Federal Home Loan Banks to ensure XBRL tagging consistency within the FHLBank system.
External Reporting
• Monitor, understand and implement FHFA regulations and the Office of Finance’s requirements pertaining to financial reporting and ensure compliance with the reporting systems, CRS and FRS
• Lead the annual Form 1042 filings with the IRS.
• Research for new FASB accounting pronouncement and assist in the implementation of changes.
Compliance
• Prepare, maintain and update accounting policies and procedures in conformity with SOX requirements.
• Oversee Financial Accounting’s compliance with policies and procedures.
Team Overview
Financial Accounting (FA) is responsible for all daily, weekly, monthly and quarterly accounting and reconciliations, as well as all required reporting to the SEC, FHFA and OF. FA works with various stakeholders including HR, Legal, Corporate Real Estate, Membership, Senior Management, SOX, internal and external auditors and the OF.
Position Overview
This position is responsible for supporting the external reporting function; SEC reports to include 10-K and 10-Q, and various reports filed with bank regulators. Research technical accounting/reporting matters; and other special projects as assigned by Manager or Sr Manager of Financial Reporting. In addition, this position will have a significant role in implementation of new trade accounting subledger.
Essential Duties:
Internal Reporting
Heavy involvement with implementation of new trade accounting subledger. This will include configuration, integrations with other Bank applications and UAT testing,
Support accounting reconciliations and reporting functionality for all fixed income products including mortgage loans.
SME level cash flow understanding. Prepare quarterly Statement of Cash flow for regulatory and SEC. Prepare insightful quarterly variance analysis for senior management.
Research for explanation of any variances of trading subledgers and general ledger.
Review/Approve daily summary of settlement breaks.
Sign off on controls governing the DDA Cash balance, general ledger, the mortgage provider’s database and in-house mortgage loan application proofs for completeness and accuracy. Exceptions are followed up and resolved in a timely manner.
Review/Approve monthly analysis for Real Estate Owned property to ensure activities are booked in GL appropriately.
Streamline month end account analysis process. Design accounting/reporting specifications for systems.
Manage relationships with third party vendors.
Prepare periodic management reports and financial statements.
Take a leadership role in system design and implementation projects, particularly those closely related to financial reporting.
SEC Reporting
Manage the quarterly and annual SEC filings (i.e., 10-Qs and 10-K) which include generating and compiling supporting documentation.
Supervise the production of financial statements and support for Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in the 10-Q/K.
Collaborate with employees from other departments to ensure proper accounting for fixed income trading products including mortgage loans.
Research current accounting and reporting issues, trends, and policies to be applied to applicable transactions and/or SEC filings.
Review disclosures in the 10-Q/K for accuracy. Initiate changes to streamline the SEC reporting process.
Manage the preparation and accuracy of the Statement of Cash Flows.
XBRL Tagging
Review and research XBRL tagging prepared by the third-party vendor (Workiva) to determine if the tagging is in compliance with SEC guidelines. Work closely with vendors to rectify tagging errors.
Work closely with other 11 Federal Home Loan Banks to ensure XBRL tagging consistency within the FHLBank system.
External Reporting
Monitor, understand and implement FHFA regulations and the Office of Finance’s requirements pertaining to financial reporting and ensure compliance with the reporting systems, CRS and FRS
Lead the annual Form 1042 filings with the IRS.
Research for new FASB accounting pronouncement and assist in the implementation of changes.
Compliance
Prepare, maintain and update accounting policies and procedures in conformity with SOX requirements.
Oversee Financial Accounting’s compliance with policies and procedures.
Other Duties:
A) Internal: Internal Auditors, SOX, Legal, Corporate Real Estate, HR, Senior Management, Risk Management, Capital Markets and Information Technology.
B) External: FHFA examiners, external auditors (PwC) and the Office of
Education:
Bachelor’s degree in accounting and CPA preferred.
Skills:
Strong organizational, analytical, critical thinking and problem-solving skills. Ability to balance multiple tasks and priorities and have outstanding work ethics and sense of urgency.
Experience:
Four to eight years of experience required, preferably with a mix of public and private experience in banking or financial services with an emphasis in SEC reporting. Big Four Public Accounting experience a plus.
Credentials: CPA, CFA, Series 7
Salary: $125K to $135K
The Federal Home Loan Bank of New York is committed to recruit, hire, develop, motivate, promote, retain, and compensate all applicants and employees in a nondiscriminatory manner without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, status as a parent, disability, genetic information, military or veteran status, or any other characteristic protected by applicable law (including title VII of the Civil Rights Act of 1964).
Skills Required
- Bachelor's degree in Accounting
- Four to eight years of professional experience
- Experience in banking or financial services with emphasis on SEC reporting
- Strong organizational, analytical, critical-thinking, and problem-solving skills
- Ability to manage multiple tasks and priorities
- CPA certification
- CFA credential
- Series 7 license
- Public and private accounting experience
- Big Four public accounting experience
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What We Do
The Federal Home Loan Bank of New York (FHLBNY) is a privately-owned wholesale bank that helps community lenders in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands advance housing and community growth. The FHLBNY membership is comprised of commercial banks, savings banks, savings and loans, credit unions, insurance companies and community development financial institutions. The FHLBNY is part of the Congressionally-chartered, nationwide Federal Home Loan Bank System, which was created in 1932 to provide a flexible liquidity source for member community lenders engaged in home mortgage and neighborhood lending. The mission of the FHLBNY is to advance housing opportunity and local community development by maximizing the capacity of community-based member lenders to serve their markets. Since the FHLBNY is a secured lender, all of its credit products require real estate related collateral. The FHLBNY enables local lenders to extend affordable credit to their communities. Thanks to the Federal Home Loan Bank System, communities across the country have access to more affordable housing, small business, and community development programs.
