President Obama announced Wednesday that he will nominate John A. Herrera to fill the open seat on the NCUA board.
Herrera is the SVP for Hispanic and Latino affairs at Self-Help Credit Union, a Durham, N.C.-based credit union with almost $738 million in assets. From 2003 to 2010, he served as a commissioner for the North Carolina Credit Union Commission.
He has been an alderman in Carrboro, N.C., and has served on the board of the Latino Community Development Center in Durham since 2001. He co-founded the state chartered Latino Community Credit Union in 2000.
Herrera received a B.S. from the University of Delaware and an M.S. from North Carolina State University.
Herrera would fill the seat vacated by former NCUA Chairman Debbie Matz. However, Herrera is unlikely to take the seat anytime soon. The nomination will require confirmation by the Senate, which leaves July 18 and will not return until after Labor Day.
And one NCUA board member, J. Mark McWatters, is awaiting confirmation as a member of the board of the Export-Import Bank.
CUNA President/CEO Jim Nussle praised the nomination.
"Few credit union leaders have worked harder or more passionately to include marginalized and underserved communities into traditional financial services than John, who founded Latino Community CU and has headed Self-Help's Latino and Hispanic affairs efforts for 17 years," he said.
NAFCU President/CEO Dan Berger said he called Herrera to congratulate him.
"We look forward to working with Mr. Herrera, should he be confirmed, to ensure a positive regulatory environment for credit unions," Berger said.
Herrrera's credit union has had recent brushes with controversy. It is affiliated with the Center for Responsible Lending, and Politico reported last year that center officials met frequently with CFPB officials as the agency crafted its payday lending rules. At the same time, Self-Help was consulting with the CFPB about its own payday loan alternative.
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