The Senate Banking Committee has scheduled a July 16 closed executive session to vote on six presidential nominees that include NCUA Board hopeful Richard Metsger.
According to a notice on the committee's website, other nominees that will be considered include Rep. Melvin Watt (D-N.C.) to be director of the Federal Housing Finance Agency, Mary Jo White, Kara Stein and Michael Piwowar to join the Securities and Exchange Commission, and Jason Furman to be a member and chairman of the Council of Economic Advisers.
Following a successful vote in committee, Metsger and the other nominees must be confirmed by the entire Senate. Metsger's confirmation hearing before the committee was June 27.
If confirmed, Metsger would fill the currently vacant seat left by former board member Gigi Hyland, who left last October after serving beyond her term's expiration. Because Hyland's six-year term officially expired in November 2011, Metsger's term would be a short one, lasting just four years until 2017.
Board Member Michael Fryzel's term expires Aug. 2, but President Obama has not yet nominated his replacement. Should Democrat Metsger successful join the NCUA Board, Fryzel would be unlikely to leave because he is the only Republican on the board.
Although no more than two board members can be from the same political party, nothing in the Federal Credit Union Act appears to prevent just two Democrats from serving on the board together if Fryzel departs.
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