McWatters Confirmed by Senate
The full Senate confirmed presidential nominee Mark McWatters as a member of the NCUA Board Thursday in a voice vote.
“I’ve had an opportunity to get to know Mark in recent months, and I certainly look forward to his joining the Board,” NCUA Board Chairman Debbie Matz said in a release. “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.”
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.
“I extend my sincerest congratulations to Mark on his confirmation by the U.S. Senate,” 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.”
Board Member Rick Metsger said in a statement that the NCUA and the credit union system will benefit from McWatters’ judgment and experience.
“I congratulate him and welcome him to the board. I look forward to working together, and 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.
“I congratulate Mark on being confirmed by the U.S. Senate. His legal background and experience in the financial services industry will serve him well on the NCUA board, and I look forward to working with him,” Senate Banking Committee Chairman Tim Johnson (D-S.D.) said following the vote.
“I would also like to thank outgoing Board Member Michael Fryzel for his service over the past several years,” he added.
NAFCU President/CEO Dan Berger congratulated Mr. McWatters on his confirmation as the newest member of the board.
“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.
In his confirmation hearing, McWatters vowed to balance competing viewpoints while maintaining the safety and soundness of the credit union system and safeguarding the share insurance fund.
“If confirmed, I will bring my 30-plus years of legal experience, accounting training, general understanding of the broader financial markets, an open mind, and a risk-based, market-oriented, targeted and transparent regulatory perspective to address the increasingly complex and sophisticated issues facing credit unions,” he said.