New Massachusetts Commissioner Cites State Influence
Massachusetts’ new financial commissioner undertakes his first formal meeting with credit union leaders this week and a top issue will be the ascendancy of state regulation.
“I think the nation’s financial crisis has put state regulation” in a more favorable light, declared David J. Cotney, commissioner of banks and loan agencies, in citing state influence on the regulatory process and improved fed/state cooperation.
Cotney, a veteran deputy who was promoted to commissioner in January, said his own agency has worked more closely in recent months with state and federal lawmakers, including U.S. Rep. Barney Frank (D-Mass.), senior Democrat on the House Financial Services Committee and co-author of the Dodd-Frank law.
“Close collaboration between state and federal agencies remains key,” said Cotney. He said his agency wants to avoid placing any more financial burdens on CUs beyond what that they have already endured.
To that end, Cotney said he will be eager to hear the views of credit union CEOs during a June series of statewide “Roundtable” meetings sponsored by the Massachusetts Credit Union League.
The first Roundtable is Wednesday in Newton, followed by a June 7 session in Tewksbury, June 8 in Taunton, and June 16 in Chicopee.