Mary Gallagher (left), commissioner, and Cynthia Begin, first deputy commissioner, of MA Division of Banks
A new commissioner has been named at the Massachusetts Division of Banks amid an internal shuffle of senior management.
Edward A. Palleschi, undersecretary for the Office of Consumer Affairs and Business Regulation, announced today that Mary Gallagher has been promoted to commissioner. As part of the announcement, Palleschi also tapped Cynthia Begin, the DOB’s chief risk officer, to be first deputy commissioner.
Gallagher will replace acting Commissioner Merrily Gerrish, who took the role in December after former Commissioner Terence McGinnis left the agency for an unknown reason after serving for two years. Gerrish will resume her duties as general counsel of the agency.
Gallagher has served as chief operating officer of the division since 2015, overseeing the agency’s operational and administrative team including fiscal oversight, budget and accounting, human resources and staff development, information technology and security, facilities and vendor management and procurement.
She also co-chaired the DOB’s strategic planning and was a member of the agency’s policy group. Before joining the DOB, Gallagher spent 17 years in the financial services and securities industry in Boston, New York and London. Her work included foreign exchange and equity market sales and trading roles at Morgan Stanley, State Street Global Markets and Deutsche Bank.
“I am thrilled to name new senior leaders at OCABR’s Division of Banks,” Palleschi said in a statement. “We have elevated internal talent to fill these roles, which is a tribute to the proven abilities of our agency’s leaders. We are also grateful to Merrily Gerrish who stepped up as acting commissioner for the last five months. I look forward to partnering with Mary and Cindy, and the entire DOB team, as we advance the Baker-Polito administration’s efforts to protect consumers, regulate industry and enable professionals to do business in a straightforward manner.”
Begin has previously served in various capacities for the DOB including senior deputy commissioner, assistant general counsel and most recently chief risk officer.
Prior to joining the DOB, Begin worked for more than 24 years in various roles in financial services regulation including as vice president and legal counsel for the Massachusetts Share Insurance Corporation and at a Worcester-based bank holding company.
While the DOB commissioner is largely responsible for day-to-day duties and ensuring the stability of state financial institutions, experts told Banker & Tradesman in December there will be opportunities to frame policy and continue initiatives in fintech, the Community Reinvestment Act (CRA) and streamlining compliance.
The DOB oversees state-chartered banks and credit unions, check sellers and cashers, debt collectors, foreign transmittal agencies, motor vehicle financing, insurance premium finance companies, third party loan servicers and small loan companies, retail installment sales finance companies and mortgage lenders, brokers and originators.
