December 3, 2018

State banking commissioner steps down

Photo | State House News Service
Terrence McGinnis

Just over two years after he started in the post, Terrence McGinnis is out as state banking commissioner.

A Baker administration official confirmed Thursday that McGinnis has decided to step down, and will leave the job on Friday.

A new commissioner has not been appointed and the administration will likely appoint an acting commissioner from within, according to Jacqueline Horigan, a spokeswoman for the Office of Consumer Affairs and Business Regulation. No impacts on day-to-day operations of the Division of Banks are expected, she said.

In September 2016, the Baker administration named McGinnis, an Eastern Bank executive who previously worked at Fleet Boston Financial and BankBoston, as banking commissioner. He replaced David Cotney, who had been commissioner since 2010 and started working at the banking division in the 1990s as examiner.

The Division of Banks supervises more than 200 banks and credit unions with total combined assets exceeding $400 billion.

The Boston Business Journal reported on Wednesday that McGinnis was departing.

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