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.
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.
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 firstname.lastname@example.org. Follow her on Twitter @fernandesglobe.