Cotney Reappointed to the FFIEC State Liaison Committee and Reelected as State Liaison Committee Chairman
May 1, 2014 – Arlington, Va. – The Federal Financial Institutions Examination Council (FFIEC) announced today that David J. Cotney, Commissioner of Banks for the Commonwealth of Massachusetts, has been reappointed to the FFIEC’s State Liaison Committee (SLC). This will be Cotney’s second full term on the SLC, and will extend through April 30, 2016.
The FFIEC first confirmed Cotney’s SLC nomination in October of 2010 to complete a partial term vacancy. He was confirmed to serve his first full term, which expired on April 30, 2014, on May 1, 2012.
The members of the SLC also announced today Cotney’s reelection, for a second term, as chairman. The SLC chairman term is a one-year period from May 1 until the following April 30, and the SLC can reelect their chairman for additional terms.
“Commissioner Cotney has been an outstanding SLC Chairman,” said NASCUS President and CEO Mary Martha Fortney. “I look forward to continuing to work with David, the entire SLC, and our partners at CSBS, to ensure the voice of the state regulatory system is heard when federal regulators discuss important policy issues.”
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 and policy, and 10 years prior experience as deputy commissioner in various operating units of the division. He has been active on the FFIEC since 2007 when he was appointed as the first SLC representative to serve on the FFIEC’s Task Force on Consumer Compliance. Cotney served as chairman of the task force for two terms from April 2010 to March 2012.
The five-person SLC membership also includes:
- Thomas Candon, Deputy Commissioner of Banking and Securities of the Vermont Department of Financial Regulation (appointed by NASCUS),
- Karen Lawson, Director, Office of Banking for the Michigan Department of Insurance and Financial Services (confirmed by the council),
- Lauren Kingry, Superintendent of the Arizona Department of Financial Institutions (appointed by CSBS), and
- Michael Mach, Division of Banking Administrator for the Wisconsin Department of Financial Institutions (appointed by the American Council of State Savings Supervisors (ACSSS)).
The FFEIC 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.