In addition, many conservative Republicans have said they oppose the Export-Import Bank, deriding it as corporate welfare.

Therefore, if this nomination continues to stall, the NCUA board will have two members; if McWatters is confirmed, the NCUA board could have just one member.

In a statement regarding Metsger's appointment, McWatters said, “I look forward to working with Rick to bring true regulatory relief to the credit union community while protecting the safety and soundness of the Share Insurance Fund.”

However, McWatters has said that if the NCUA has a two-person board, he would not vote in favor of new regulations without evidence of the credit union industry being in danger.

“I deeply appreciate the trust President Obama has placed in me and I look forward to the challenges and opportunities ahead as the agency strives to protect credit union members and provide a modern regulatory framework for credit unions to innovate and grow safely and soundly,” Metsger said in a prepared statement. “[The] NCUA has a hard-working staff dedicated to the agency's mission, and I am proud to serve with them.”

In recent years, Metsger has focused on modernizing credit union regulations and the federal credit union charter to give these financial institutions more flexibility to adopt innovations as well as offer them relief from federal rules.

Metsger served in the Oregon State Senate from 1999 to 2011 and was elected Senate President Pro Tempore in 2009. While in the Senate, he was the chief sponsor of legislation to expand fields of membership for state chartered credit unions.

A former teacher and broadcast journalist, Metsger was also a member of Portland Teachers Credit Union (now the $4 billion, Portland, Ore.-based OnPoint Community Credit Union) for eight years and served as its vice chairman.

Following Metsger's selection, CUNA president/CEO Jim Nussle said, “Based on Rick Metsger's extensive track record of thoughtful leadership and levelheaded decision making as NCUA vice chair, President Obama was presented with an easy decision when considering a replacement for former Chair Debbie Matz.”

He added CUNA looks forward to working with Metsger on issues such as updating FOM rules and improving on the examination process.

NAFCU President/CEO Dan Berger also praised the appointment, stating, “We look forward to continuing our work with him and the entire agency to ensure credit unions have the best regulatory environment possible to continue their high level of service to members.”