State banking commissioner named
The Baker administration is switching up the leadership at the state's banking division, which supervises more than 200 banks and credit unions with total combined assets exceeding $400 billion.
Eastern Bank executive Terrence McGinnis, who previously worked at Fleet Boston Financial Corporation and BankBoston Corporation, was appointed Thursday by Gov. Charlie Baker as the new commissioner of the Division of Banks.
"Terry's four decades of experience in legal and regulatory affairs and corporate governance over the course of four decades with some of the state's largest banking institutions uniquely qualifies him for this new role as the Commonwealth's chief banking regulator," Baker said in a statement.
A press release announcing the appointment did not make mention of Commissioner David Cotney. A spokesman for the Office of Consumer Affairs and Regulation told the News Service that Cotney would finish his work as commissioner at the end of the day on Friday and said the administration was pursuing new leadership, noting Cotney was appointed by Baker's predecessor, Gov. Deval Patrick.
Cotney has been banking commissioner since November 2010 and previously worked as the division's chief operating officer. From 2015 to 2016, he was chairman of the board of the Conference of State Bank Supervisors. Cotney started working at the banking division in 1990s as a bank examiner.
McGinnis has worked since 2004 as general counsel and secretary of Eastern Bank, which the administration described as the state's largest state-chartered bank.
A Boston College Law School graduate and retired captain with the U.S. Navy Reserves, McGinnis is also chairman and president of the board for The Children's Law Center of Massachusetts and a board member with Partners Community Physicians Organization Inc.
McGinnis will report to Consumer Affairs Undersecretary John Chapman, who said in a statement that he looks forward "to working closely with Terry as he and his staff works to promote a competitive and fair playing field among its licensees while also providing consumers the information they need to know their rights and make informed financial decisions."
Banks and credit unions have sparred on Beacon Hill over the years over legislation influencing market access.
The Division of Banks also supervises 9,000 licensees, including mortgage lenders, consumer finance companies and loan services.
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