Manager - CRA Investments

The Opportunity

Ally’s Community Reinvestment Act (CRA) team is a highly specialized group within the Bank dedicated to positively impacting communities across our assessment area through CRA-qualifying loans, investments, and services. All FDIC-insured banks are required to comply with the CRA. However, at Ally CRA is not just a regulatory requirement; rather, it is a passion shared by the CRA team in managing a $5+ billion portfolio of loans and investments that finance affordable housing, community services, economic development, and neighborhood revitalization.

The Manager - CRA Investments will report to the Senior Director/Director – CRA Investments and assist in managing and monitoring the CRA Investment portfolio, including the underwriting of new investments into small business investment companies (SBICs), community development venture capital (CDVC) funds, and affordable housing and preservation funds. At this time, Ally will not sponsor a new applicant for employment authorization for this position

The Work Itself

- Participate in the due diligence, underwriting and closing of various types of Community Development (CD) equity investments by:

• performing research, economic and financial analysis
• drafting internal investment memos and participating in the internal investment approval process
• negotiating legal agreements
• administrative closing of transactions

-Perform ongoing portfolio management and monitoring tasks, including the following:

• managing and reviewing fund reporting documents and monitoring data
• working with internal stakeholders and external fund managers on regular basis
• reviewing CRA qualification criteria relevant to each transaction
• staying up to date on relevant industry and market trends
• sending and receiving capital to/from investment counterparties (capital calls/distributions)

-Curiously seek areas of improvement and develop efficient ways to reconfigure current processes

-Participate in Ally Bank’s community outreach programs, including volunteer and leadership opportunities with non-profit organizations, to contribute to the Bank’s CD service hour requirements

-Support and prepare materials related to internal meetings, CRA activities, etc.

-Engage with and represent Ally Bank at industry and trade association groups, requiring occasional travel

-Assist with any other task as requested by the Senior Director/Director – CRA Investments or CRA Office

The Skills You Bring

Minimum Qualifications:

• 7+ years of relevant experience or equivalent combination of education and experience
• High School Diploma or GED equivalent

Preferred Qualifications:

• 5+ years of banking, investment, risk, compliance, general underwriting or CRA experience
• Strong sense of community and desire to be part of a giving-back culture
• Strong organizational skills and ability to follow through, and keen attention to detail
• Thorough investigative and problem-solving skills and meticulous record keeping skills
• Ability to work both independently and cooperatively on project teams
• Intermediate proficiency in Excel and other MS Office software
• SharePoint / MS Teams experience preferred