After Two Years, Mass. Commissioner of Banks to Step Down

Outgoing Commissioner of Banks Terence McGinnis.

The state’s top banking regulator is expected to step down at the end of the month.

Terence A. McGinnis, the commissioner of banks at the Massachusetts Division of Banks, will leave his post at the end of November, a source has told Banker & Tradesman.

It is currently unclear why the commissioner is leaving.

The commissioner is charged with overseeing the supervision of more than 180 state-chartered banks and credit unions with collective assets of more than $380 billion. He is also responsible for the licensing and supervision of more than 9,000 non-depository licensees.

McGinnis was appointed by Gov. Charlie Baker in September of 2016, making McGinnis the shortest-serving commissioner since 1994, according to the DOB’s website.

Thomas Curry served for nine years (1994-2003); Steven L. Antonakes served for six years (2004-2010) and David Cotney served for five years (2011-2016).

Before becoming commissioner, McGinnis served as general counsel and secretary of Eastern Bank. Before Eastern, he worked at both Bank Boston and Fleet Bank. McGinnis has also served as associate counsel on the Committee on Rules with the U.S. House of Representatives.

After Two Years, Mass. Commissioner of Banks to Step Down

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After Two Years, Mass. Commissioner of Banks to Step Down