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David J. Cotney will step down from his post as the state banking commissioner on Friday. Terence A. McGinnis, Eastern Bank’s former general counsel, will succeed him beginning Monday.
Cotney has served as the state’s banking commissioner since 2010. Before that, he was the division’s chief operating officer. He began his career in 1990 as an entry-level bank examiner.
During his time with the division, Cotney oversaw the crackdown on predatory web-based lenders and, along with many regulators today, highlighted cybersecurity as a priority.
Cotney served as chairman of the board of the Conference of State Bank Supervisors (CSBS). From 2014 to 2015, Cotney was appointed chairman of the CSBS Emerging Payments Task Force. He was also as a member of the board of the CSBS Education Foundation and of the board of managers of the State Regulatory Registry where he previously served as chairman. From 2013 to 2015, Cotney was chairman of the State Liaison Committee of the Federal Financial Institutions Examination Council.
McGinnis was with Eastern Bank since 2004 and previously worked as senior legal counsel for FleetBoston Financial and Bank Boston Corp.
The commissioner of banks oversees the supervision of more than 200 banks and credit unions with more than $400 billion in combined assets and more than 9,000 non-depository licensees, including mortgage loan officers, mortgage brokers, consumer finance companies, money service businesses, debt collectors and loan servicers.
