DAVID J. COTNEY
COMMISSIONER OF BANKS
COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
David J. Cotney has served as the Commissioner of Banks since November 2010. He oversees the supervision of nearly 240 state-chartered banks and credit unions holding combined assets of approximately $255 billion. His office is also responsible for the licensing and supervision of nearly 800 mortgage lenders and brokers; over 4,000 individual mortgage loan originators; and an additional 3,500 non-bank financial entities, including check cashers, money transmitters, finance companies, and debt collectors.
In 2007, Mr. Cotney was appointed as the first State Liaison Committee member of the Federal Financial Institutions Examination Council's (FFIEC) Task Force on Consumer Compliance where he currently serves as Chair. The Task Force develops and promotes policy coordination, a common supervisory approach, and uniform enforcement of consumer protection laws and regulations across the country.
In 2011, Mr. Cotney became chairman of the Board of Managers of the State Regulatory Registry (SRR). SRR, a subsidiary of the Conference of State Bank Supervisors (CSBS). SRR developed and maintains the Nationwide Mortgage Licensing System (NMLS), the system of licensing and supervising mortgage companies and mortgage loan originators in all 50 states.
Previously, Mr. Cotney served as the Division's Chief Operating Officer (COO) where he oversaw the Division's Administration & Policy Section which included the daily administration of a staff of 160 employees, an annual budget appropriation of over $17 million, revenue collection, information technology, and financial and non financial internal controls. In addition, Mr. Cotney had oversight over the Legal Affairs & Bank Structure Section which is responsible for all corporate transactions as well as reviewing all pending legislation or drafting legislative changes, and drafting legal opinions and amendments to regulations.
Mr. Cotney began his professional career as an entry-level Bank Examiner with the Division of Banks in 1990. Over more than 20 years, Mr. Cotney rose through the ranks of management, serving in various operating units of the Division.
Mr. Cotney holds a Bachelor of Arts degree from Tufts University, a Master of Business Administration with a Concentration in Public and Nonprofit Management from Boston University, and a Master in Public Administration from the John F. Kennedy School of Government at Harvard University