​Cotney Reappointed to the FFIEC State Liaison Committee and re-elected as State Liaison Committee Chairman

(May 1, 2014) -- The Federal Financial Institutions Examination Council (FFIEC) announced today the reappointment of David J. Cotney, Commissioner of Banks for the Commonwealth of Massachusetts, to the Council’s State Liaison Committee (SLC).

Cotney’s SLC nomination was first confirmed by the council in October of 2010 to complete a partial term vacancy.  On May 1, 2012, Cotney was confirmed to serve his first full term, which expired on April 30, 2014.  Today marks the start of Cotney’s second full term on the SLC, which extends through April 30, 2016.

Additionally, the members of the SLC announced today the re-election of Cotney as their Chairman. The SLC Chairman term is a one-year period from May 1st to the following April 30th and the SLC can re-elect their chairman for additional terms. Today marks the start of Cotney’s second term in this role.

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. Cotney 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 the National Association of State Credit Union Supervisors (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 the Conference of State Bank Supervisors (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.

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.

The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has six voting members: a Governor of the Board of Governors of the Federal Reserve System designated by the Chairman of the Board, the Chairman of the Federal Deposit Insurance Corporation, the Chairman of the Board of the National Credit Union Administration, the Comptroller of the Currency, the Director of the Consumer Financial Protection Bureau, and the Chairman of the State Liaison Committee. The Council's activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.