J. Mark McWatters cited regulatory relief for credit unions among his top priorities as an NCUA board member Wednesday, just one day after taking the oath of office.
McWatters would also like to incorporate “a robust, objective, transparent and fully accountable cost-benefit analysis into NCUA's rulemaking and vetting process,” according to an NCUA release.
The expansion of low-income credit unions and boosting the accessibility of financial services to economically challenged credit union members was also a priority. McWatters further said he wants to promote the role of women and minorities in the credit union industry.
“Paying close attention to these and other critical issues affecting the credit union industry and providing a fresh, transparent and fully accountable approach toward (the) NCUA's internal and external operations reflects my commitment to ensuring the safety and soundness of the credit union industry and protecting the share insurance fund from losses while allowing credit unions to best serve their members and conduct their affairs through their exercise of prudent, fair-minded and autonomous business judgment,” McWatters said in the statement.
Former NCUA Board Member Michael Fryzel, a Republican, administered the oath of office to fellow Republican McWatters during a ceremony at the office of House Financial Services Chairman Jeb Hensarling (R-Texas) on Tuesday.
“In discharging my duties, I will always welcome advice and counsel from the broader credit union industry, as well as from the management and members of individual credit unions,” McWatters said in a statement.
“I assure you that I will thoughtfully and respectfully consider your perspectives as I independently analyze the issues presented. While we may differ from time to time in our analysis and conclusions regarding the structure and scope of specific regulatory and administrative actions, I assure you that your voice will be heard and considered,” he added.
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