MA Commissioner of Banks David Cotney Announced as Chairman of FFIEC
The State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council (Council) announced today the election of David J. Cotney as its Chairman. Mr. Cotney is the Commissioner of Banks for the Commonwealth of Massachusetts, a position he was appointed to in January 2011, following his service as Acting Commissioner since November 2010.
Commissioner Cotney’s SLC membership nomination was first confirmed by the Council in October 2010. Mr. Cotney succeeds John Munn, Director of the Nebraska Department of Banking and Finance, who served as the SLC Chairman for multiple terms from 2008 to 2013. While the SLC Chairman term is a one-year period from May 1st to the following April 30th, Mr. Cotney’s term commences early to fill the vacancy created when Director Munn’s final SLC membership term expired on March 31, 2013. The SLC can re-elect their chairman for additional one-year terms that expire on April 30th annually, and an SLC membership term can be extended for an additional consecutive two-year term by consent of the appointing organization.
David Cotney has more than 20 years of experience with the Massachusetts Division of Banks, having previously served as the Chief Operating Officer, Senior Deputy Commissioner for Administration & Policy, and 10 years prior experience as Deputy Commissioner in various operating units of the Division. In 2007, Mr. Cotney was appointed as the first SLC representative to serve on the Council’s Task Force on Consumer Compliance, where he served as Chair for two terms from April 2010 to March 2012. The task force coordinates and oversees matters involving the supervision and examination of depository institutions for compliance with federal consumer protection, anti-discrimination, and Community Reinvestment Act laws and regulations.
The SLC membership also includes: Thomas Candon, Deputy Commissioner of Banking and Securities of the Vermont Department of Financial Regulation (appointed by the National Association of State Credit Union Supervisors (NASCUS)); Lauren Kingry, Superintendent of the Arizona Department of Financial Institutions (appointed by the Conference of State Bank Supervisors (CSBS)); Michael Mach, Division of Banking Administrator for the Wisconsin Department of Financial Institutions (appointed by the American Council of State Savings Supervisors (ACSSS)); and Charles A. Vice, Commissioner of the Kentucky Department of Financial Institutions (confirmed by the Council).
The Council was created by the Federal Financial Institutions Regulatory and Interest Rate Control Act of 1978 to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions, and to make recommendations to promote uniformity in the supervision of financial institutions. It also conducts schools for examiners employed by the five federal member agencies represented on the Council and makes those schools available to employees of state agencies that supervise financial institutions. The Council currently consists of the following six voting members: the Comptroller of the Currency, Office of Comptroller of the Currency; a member of the Board of Governors of the Federal Reserve System (Board), appointed by the Chairman of the Board; Chairman of the Federal Deposit Insurance Corporation; Director of the Consumer Financial Protection Bureau; Chairman of the National Credit Union Administration; and the Chairman of the SLC. The SLC consists of five representatives of state banking agencies that supervise financial institutions and members are designated from CSBS, ACSSS, NASCUS, and the Council.