McWatters Takes Oath as New NCUA Board Member
J. Mark McWatters was sworn-in as the NCUA’s 21st board member Tuesday.
The event took place at the district office of House Financial Services Chairman Rep. Jeb Hensarling (R-Texas). Outgoing NCUA Board Member Michael E. Fryzel administered the oath of office and Hensarling administered a ceremonial oath.
“It is my distinct honor and privilege to join the NCUA Board. I wish to thank President Obama for submitting my nomination to the Senate, Senate Minority Leader McConnell for recommending my nomination to the President and the Senate for confirming my nomination,” McWatters in a statement.
“As a Board Member, I look forward to addressing the regulatory and administrative law challenges facing the credit union system as it continues to expand and evolve as a critical and fundamental component of the financial services industry,” he added.
President Barack Obama nominated McWatters to the NCUA Board on Jan. 7, 2014 and the full Senate confirmed his nomination on June 19.
NCUA Chairman Debbie Matz said she looks forward to working with McWatters to keep the nation’s credit union system safe and sound.
“Mark’s financial services policy experience should serve the agency well, and his commitment to collaboration is in keeping with the NCUA Board’s decision-making process.”
NCUA Public Affairs Specialist John Fairbanks said it is not unusual for board members to be sworn-in outside of Washington, D.C.
“Board Member Fryzel, for example, was sworn in in Chicago,” Fairbanks said.
When asked about Chairman Hensarling’s involvement in the event, Fairbanks said McWatters and Hensarling have a long-standing relationship, both personal and professional.
“Board Member McWatters has over the years developed strong relationships with colleagues of both parties, including Sen. Elizabeth Warren, who spoke in support of McWatters’ nomination during the Senate Banking Committee hearing on his nomination,” Fairbanks said.
Both CUNA and NAFCU congratulated McWatters for becoming the newest board member.
“We look forward to working with him, along with the other board members, on the key regulatory issues facing credit unions today,” said CUNA President/CEO Bill Hampel.
NAFCU President/CEO Dan Berger said, “We congratulate Mr. McWatters on his new post and look forward to working with him in his new role and to continue our efforts with NCUA to support a positive regulatory environment for credit unions, particularly regarding the proposed risk-based capital rule.”