Federal Financial Institutions Examination Council
|For Immediate Release||November 12, 2010|
FFIEC Announces Appointment of David Cotney to the Council's State Liaison Committee
The Federal Financial Institutions Examination Council (FFIEC)1 announced today the appointment of David Cotney, Chief Operating Officer, Massachusetts Division of Banks, to the Council's State Liaison Committee (SLC). David Cotney's nomination to the SLC, for the remainder of the two-year term through April 30, 2012, fills the vacancy created by the resignation of Sarah Bloom Raskin, upon her appointment to the Board of Governors of the Federal Reserve System.
The Council confirmed Mr. Cotney's nomination upon consideration of many factors including: current responsibility for or previous experience in regulating different types of depository financial institutions; having committee members who collectively have broad experience in the various areas of council responsibility, e.g., international, consumer compliance, etc.; and achieving various technical expertise, e.g. accounting, financial institution management, legal, etc.
David Cotney has 20 years of experience with the Massachusetts Division of Banks, having previously served as the Senior Deputy Commissioner for Administration & Policy, and ten years prior experience as Deputy Commissioner in various operating units of the Division. In 2007, Mr. Cotney was appointed as the first SLC representative to serve on the Council's Task Force on Consumer Compliance where he currently serves as Chair. The task force coordinates and oversees matters involving the supervision and examination of depository institutions for compliance with federal consumer protection, anti-discrimination, and Community Reinvestment Act laws and regulations.
The SLC was established by the Council pursuant to Section 1007 of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 to encourage the application of uniform examination principles and standards by state and federal agencies and to allow state regulators to participate in the development of those principles and standards. The SLC consists of five representatives of regulatory agencies that supervise financial institutions whose membership currently includes: Chair John Munn, Director, Nebraska Department of Banking and Finance; Douglas Foster, Commissioner, Texas Department of Savings and Mortgage Lending; Harold Feeney, Commissioner, Texas Department of Credit Unions; and Charles Vice, Commissioner, Kentucky Department of Financial Institutions.
1The Federal Financial Institutions Examination Council was established by the Congress in 1979 to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions, to make recommendations to promote uniformity in the supervision of financial institutions, and to conduct schools for examiners. The Council has six voting members: the Comptroller of the Currency, the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation, a Governor of the Board of Governors of the Federal Reserve System, the Director of the Office of Thrift Supervision, the Chairman of the National Credit Union Administration, and the Chairman of the State Liaison Committee. Visit the Council's website for press releases and information on the mission and work of the Council at http://www.ffiec.gov.