David J. Cotney, a 20-year Division of Banks veteran, has been appointed the state’s new commissioner of banks.
Cotney, 43, most recently served as chief operating officer of the Division of Banks, according to a statement. In his new role, Cotney will oversee a staff of 160 employees and a budget of $15.8 million. Cotney has been serving as acting commissioner since Steven Antonakes left office in November.
"In a period of significant change in financial services regulation, David and the Division of Banks have maintained one of the strongest state-chartered banking systems in the nation," said Gov. Deval Patrick. "At the same time, David has played a key role in expanding consumer protection in the areas of mortgage-broker licensing and foreclosure assistance."
"I am honored that Gov. Patrick chose me for a job that presents significant opportunities to strengthen consumer protections in the financial services industry, while also maintaining a secure and sound state-chartered banking and financial-services system," said Cotney.
Cotney, the first state regulator to chair the Federal Financial Institutions Examination Council’s (FFIEC) Consumer Compliance Task Force, holds a bachelor’s degree from Tufts University, a master’s degree in public administration from Harvard University’s John F. Kennedy School of Government and a master’s degree in business administration from Boston University.
