Mark McWatters has been cleared to become the next member of the NCUA Board.
"Mark is experienced, thoughtful, judicious and values a collaborative process to get things done. I know credit unions and their members will be well served by his presence on the board," NCUA Board Chairman Debbie Matz said in a release after the Texas attorney's nomination was approved by the full Senate in a June 19 voice vote.
McWatters was nominated by President Obama in January to succeed NCUA Board Member Michael Fryzel, a Republican whose term expired in August of last year. McWatters' term will expire on Aug. 2, 2019.
McWatters was legal counsel for Rep. Jeb Hensarling (R-Texas) in 2009 and served on the TARP Congressional Oversight Panel from December 2009 to April 2011. He is currently dean for graduate programs at Southern Methodist University's School of Law in Dallas.
Fryzel said, "I am confident his background, as well as his outstanding academic qualifications, will enable him to not only act in the best interests of the more than 97 million credit union members, but also to ensure the credit unions of this country are able to keep their competitive advantage and continue to grow and maintain their status as the premier financial service industry in the United States."
NCUA Board Member Rick Metsger, a Democrat like Matz, said in a statement that the NCUA and the credit union system will benefit from McWatters' judgment and experience.
"I hope he will find this job as interesting, challenging and rewarding as I do," Metsger said.
The Senate Banking, Housing and Urban Affairs committee approved his nomination in April.
NAFCU President/CEO Dan Berger congratulated McWatters on his confirmation.
"We stand ready to work with Mr. McWatters and to continue our efforts with NCUA to ensure a positive regulatory environment for credit unions especially concerning the proposed risk-based capital rule," Berger said.
CUNA Interim CEO Bill Hampel said in a release McWatters' extensive experience in business, the private practice of law, teaching, congressional staff work, and other endeavors will help him bring a unique perspective to the issues.
"We at CUNA look forward to discussing a range of issues with Mr. McWatters, including the importance of a strong safety and soundness regulator, while at the same time providing much needed regulatory relief for credit unions," Hampel said.
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