Captive Portfolio Administrator
Position Summary
Handle all daily requests from customers including L/C and loan processing, opening deposit accounts, performing all required due diligence, documentation, fee collection, statements, reporting and account transfers. Monitor collateral daily including running reports, mitigating out of compliance situations, approving releases of collateral, ensuring collateral and holds are in place, and setting up and monitoring collateral L/C's. Ensure all procedures are updated, perform self-audits, complete required regulatory reports, complete audit confirmations, and collaborate with auditors and AML. Cross-sell treasury management and trust custody products.
Position Responsibilities:
- Run and analyze daily collateral reports, identify issues and follow up and resolve customer out of compliance situations.
- Approve releases of collateral from custody or business money market accounts and approve swap out of assets.
- Review RECAPs and update collateral system with any changes to facility amount, eligible collateral, advance rates, beneficiaries, etc.
- Ensure proper cash holds are in place on DDAs and money market accounts pledged as collateral and with each new L/C issuance or amendment.
- Partner with Financial Institutions Group to ensure sufficient credit lines are in place.
- Review and negotiate L/C specimen language with attorneys and customer's captive managers.
- Monitor non-renewals and take appropriate action with customers.
- Follow up on rescind letters and work with customers to draw on incoming L/Cs as necessary. Notify customers of details for every incoming L/C issuance and amendment.
- Handle daily requests from customers.
- Provide customers with collateral reports and deposit statements.
- Participate in customer calls as needed.
- Cross sell Treasury Management and additional custody products.
- Ensure L/C and Legal invoices are paid.
- Monitor L/C open A/R report and Uncollected L/C Fee Report. Follow up on past due invoices. Obtain approval from customer to debit DDA or Custody accounts as necessary.
- Process transfers among internal accounts to pay fees, cover collateral shortfalls, etc.
- Open accounts (DDAs, PBMMs, CDs, etc.) for offshore customers in the Cayman branch.
- Work with PALS to open accounts for onshore customers.
- Scan offshore statements to customers monthly.
- Review and print out evidence of cash holds on DDAs held as collateral.
- Prepare Capital Friendly Collateral Report quarterly for FR Y-9C filing for Controller and submit with regulatory reporting disclosure checklist.
- Conduct Quality Assurance Self Audits 3 times per year on AML/KYC for new accounts.
- Work directly with auditors (internal, AQR, AML, Federal Examiners, etc.) and recommend and update procedures as necessary.
- Participate in FATCA/Tax Compliance task force, Business Bank Compliance, SQN Document Imaging and other meetings as necessary.
- Complete L/C audit confirmations for both customer and beneficiary auditors.
- Review both L/C and DDA legal documents for proper execution. Complete checklists and maintain originals documents in files.
- Complete required due diligence including running world checks on all signers and beneficial owners.
- Gather projected activity information and work closely with AML to identify any suspicious activity.
Position Qualifications:
- Bachelor's degree from an accredited university in the business area or 4 years of relevant work experience
- 5 years of customer service experience in a financial services environment
- 5 years of experience negotiating and processing Letters of Credit
- 5 years of experience with regulatory, compliance and audit processes and procedures including experience with international transactions
About Comerica
We know our employees are critical to our overall success and we are dedicated to investing in their future. One of the ways we do this is to offer a comprehensive Total Rewards package designed to recognize and reward individual performance, as well support health, well-being, development and security for our colleagues and their family. Total Rewards consists of cash compensation, development and flexible benefit programs designed to meet individual needs today and in the future. Your salary will be commensurate with your work experience and our programs are reviewed regularly to ensure each remain competitive. We are proud to offer benefits such as health and welfare programs, strong retirement benefits, and generous paid time off programs. You and your eligible family members, including domestic partners and their children, can participate in medical, dental, and vision benefits, 401(k) and pension, income protection benefits such as life insurance, AD&D, and supplemental health programs to offset unexpected health care expenses. We also have a variety of time off programs for things like vacation, sick time, disability, and parental leave. Eligibility for some programs varies based on employment status and tenure.
Upon offer, Comerica conducts a comprehensive background and fingerprint check. Your fingerprints will be used to check the criminal history records of the FBI and may be subscribed in the FBI's Record of Arrest and Prosecution Background ("RAP Back") service, which provides ongoing notification to the Company of any updates to your criminal history.
NMLS certification requirement: where applicable, a favorable background check screening, credit check, fingerprint check, and NMLS certification is required in accordance with the SAFE Act.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments; the Commercial Bank, the Retail Bank, and Wealth Management. Comerica's colleagues focus on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
Comerica is proud to be an Equal Opportunity Employer - disability/veteran.
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Comerica Bank
life insurance, parental leave, paid time off, sick time, 401(k)
Sep 05, 2025