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Learn about the Commissioner of Banks

As the agency head for the Division of Banks (DOB), the Commissioner of Banks is responsible for leading the agency's mission and ensuring proper regulatory oversight of state-chartered or licensed financial businesses operating in Massachusetts.

Terence A. McGinnis, Commissioner of Banks

Terence A. McGinnis, Commissioner of Banks


Governor Charlie Baker appointed Terence A. McGinnis Commissioner of Banks in September 2016. Commissioner McGinnis oversees the supervision of more than 180 state-chartered banks and credit unions with assets over $380 billion. He is also responsible for the licensing and supervision of more than 9,000 non-depository licensees.

Before his appointment, Mr. McGinnis served as General Counsel and Secretary of Eastern Bank. At Eastern Bank, Mr. McGinnis was also a member of the bank's management committee. Before joining Eastern Bank, he held many senior legal position at both Bank Boston and Fleet Bank. These positions included heading the International Law Practice Group at FleetBoston Financial Corporation. Mr. McGinnis served as Associate Counsel with the Committee on Rules with the US House of Representatives before starting his legal banking career.

Mr. McGinnis is a retired Navy Captain, having served both on active duty and in the Reserves with the US Navy. He held several command positions with the Naval Reserve and served in many senior military roles. He was twice awarded the Meritorious Service Medal and the Navy Achievement Medal, among other military citations.

As a strong believer of serving the community, Mr. McGinnis has served on many boards - both past and present. He has served as Chairman of the Board of Trustees of North Shore Medical Center, an affiliate of Partner’s Healthcare. Currently, Mr. McGinnis is the Chairman of the Board of Directors of North Shore Physicians Group. He also is Chairman and President of the Children’s Law Center of Massachusetts, Inc. Mr. McGinnis also is on the Board of Directors of Discovering Justice.

Mr. McGinnis is an honors graduate of Merrimack College, holds a Master of Arts degree from Boston College Graduate School, and received his law degree from Boston College Law School. He was also awarded an honorary Doctor of Humane Letters from Salem State University for his community service on the North Shore.


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