Business

State’s top bank regulator said to be leaving post

David Cotney, the state’s top banking regulator, will step down this week after six years on the job.

Kayana Szymczak for the Boston Globe/File

David Cotney, the state’s top banking regulator, will step down this week after six years on the job.

The state’s top banking regulator, David Cotney, will step down this week after six years on the job, according to people with knowledge of his plans.

Cotney had been with the Division of Banks for 20 years, starting as a bank examiner, before he was named banking commissioner in 2010.

Advertisement

Cotney will be replaced by Terry McGinnis, former general counsel for Eastern Bank, the state’s largest community bank. McGinnis retired last week from the Boston-based bank. McGinnis is expected to start at the Division of Banks at the end of this month, according to the people familiar with the matter.

Neither Cotney nor McGinnis could immediately be reached for comment.

Get Talking Points in your inbox:
An afternoon recap of the day’s most important business news, delivered weekdays.
Thank you for signing up! Sign up for more newsletters here

McGinnis’s appointment marks the first time in nearly three decades that the state’s banking commissioner will come from the banking industry and not from regulatory side. Bankers, lobbyists, and attorneys have been expecting Governor Charlie Baker to appoint his own commissioner since he took office in 2015.

The banking commissioner oversees more than 200 banks and credit unions with combined assets of more than $400 billion. The office supervises nonbank companies such as mortgage lenders and brokers, consumer finance firms, and debt collectors.

Deirdre Fernandes can be reached at deirdre.fernandes@globe.com. Follow her on Twitter @fernandesglobe.
Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com