Patrick Picks New Division Of Banks Head
David Contey, the chief operating officer of the state Division of Banks, has been selected by Gov. Deval Patrick to be the next commissioner of banks.
Cotney is replacing Steven Antonakes, who left the organization in November.
The Division of Banks oversees more than 240 state-chartered banks and credit unions that hold about $255 billion in assets. The division also oversees 800 mortgage lenders, 4,000 mortgage loan originators and more than 3,500 non-bank institutions, including check cashers, money transmitters and debt collectors.
The Division of Banks has about 160 employees and an almost $16 million budget.
Cotney has been acting commissioner since November.
As chief operating officer of the division he worked on implementing Patrick's foreclosure prevention initiatives and helped create a mortgage licensing system that allows consumers to track mortgage brokers in a nationwide online system.
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