Massachusetts Division of Banks Announces Agency Organizational and Senior Management Changes

Massachusetts Division of Banks Commissioner Gallagher yesterday announced senior management developments saying, “We are pleased to share with the industry that we are making a few internal management changes to leverage our existing talent, capacity, and subject matter expertise with an eye towards efficiently meeting our regulatory mission.” 

Organizationally, the Division of Banks continues to function with two primary supervision areas: depository and non-depository institutions. 

Paul Gibson has been named Chief Risk Officer with responsibility to oversee all of the Division’s supervisory responsibilities.  Senior Deputy Jay Bienvenu continues to lead Depository Institution Supervision with the support of Deputy Jim Barrett on the risk management side and Deputy Mayte Rivera overseeing consumer protection, CRA, and community outreach. 

On the non-depository side, Christopher Pope will assume responsibilities for Non-Depository Institution Supervision and Licensing while continuing to oversee the agency’s consumer assistance and enforcement and investigation functions. Supporting Senior Deputy Pope are Deputy Kevin Cuff who continues to oversee mortgage supervision and licensing; Andrea Cipolla who is assuming oversight of consumer finance/money services businesses supervision and licensing; and Amanda Loring who is assuming the Chief Director of Enforcement role.

Our Legal Unit will continue to be led by Deputy Commissioner & General Counsel Merrily Gerrish with support from Deputy General Counsel Gregory Short

In addition, we are pleased to share that the Division of Banks is in the nascent stage of standing-up an agency-wide examination unit focused on the constantly evolving risk area of cybersecurity/IT supervision and FinTech innovation. Holly Chase will lead this effort as the Director of Cyber/IT/FinTech.

Commissioner Gallagher concluded the announcement noting, "These internal changes help to strengthen our agency’s leadership—our employees have significant regulatory experience in a variety of roles, and many of these names are familiar to you already.  We remain committed to our mission of ensuring a sound, competitive, and accessible financial services environment.  Our entire team is available at any time should you have questions." 

For background, please find brief bios for managers in new roles:

  • Chief Risk Officer Paul Gibson

Paul is now responsible for the oversight of regulated banks, credit unions, and nearly 10,000 non-depository licensees. He has over 23 years of experience in financial services regulation including, most recently, serving as the Senior Deputy Commissioner for the Non-Depository Institution Supervision (NDIS) unit.  Paul held many bank examiner and management positions throughout his tenure supervising both depository and non-depository examinations. Paul served as the MA representative on CSBS’s Performance Standards Committee which is responsible for establishing accreditation standards for state bank and mortgage regulators.  Most recently, Paul contributed to CSBS’s FinTech initiatives, including the multi-state compact that standardizes key elements of the licensing process for money services businesses (MSB) amongst seven initial states (including MA).  Before joining the Division, he gained experience in the banking industry.  Paul holds a Bachelor of Science in Business Administration degree in Finance from Suffolk University.

  • Senior Deputy Commissioner Non-Depository Supervision and Enforcement Christopher Pope

Chris oversees the licensing, financial safety and soundness, and consumer compliance examinations of non-depository licensees as well as the agency’s Enforcement and Investigation Unit.  He has been serving as the Deputy Commissioner for Enforcement and Investigation since 2008 and acting as the agency’s liaison to various federal and state law enforcement agencies on criminal referral matters.  Chris has over 20 years of experience at the Division from bank examiner to several management positions, supervising both depository and non-depository examinations.  He is aChris previously worked in investment portfolio management at a state-charted bank. He holds a Bachelor of Arts degree with a Concentration in History from Bridgewater State College.

  • Deputy Commissioner Non-Depository Supervision Andrea Cipolla

Andrea Cipolla now supervises the licensing and examinations of consumer finance companies, money services businesses, and debt collectors.  Andrea has 18 years of experience with the Division including as the Chief Director of Credit Union Supervision, overseeing Risk Management Examinations in MA state-chartered credit unions.  Andrea serves on the Division’s Strategic Planning Committee and the National Association of State Credit Union Supervisors (NASCUS) Legislative and Regulatory Affairs Committee and Audit Committee.  She holds a Bachelor of Arts in Communication/Advertising and a Master of Science in Public Affairs from the University of Massachusetts Boston.

  • Director of Cyber/IT/Fintech Holly Chase

Holly Chase will oversee the Information Technology examinations of all Division-regulated entities.  Holly has over 24 years of experience with the Division including most recently serving as a Regional Field Manager of Risk Management Examinations in MA state-chartered banks and credit unions.  She participates at the national level through her role on the Federal Financial Institutions Examination Council (FFIEC) Handbook Working Group and on the Information Technology Subcommitee of the Task Force on Supervision representing the State Liaison Committee (SLC).  In addition, Ms. Chase participates on the Conference of State Bank Supervisors’ (CSBS) IT Advisory Group which is comprised of IT Examiners from across the nation.  She participated in the development of the Interagency Information Technology Risk Examination (InTREx) procedures and the Non-Depository Institution Supervision (NDIS) Information Technology (IT) examination procedures.  She holds a Bachelor of Arts in Social Sciences from Providence College, a Master of Business Administration from Western New England College and a Master of Science in Cybersecurity Policy and Governance from Boston College.