Democratic House members won't pick a successor to retiring Rep.Barney Frank (D-Mass.) in the top spot on the House FinancialServices Committee for a year, and it's far from a sure thingthat the member next in line, Rep. Maxine Waters (D-Calif.), willget the nod.

Waters is currently the subject of an investigation by the HouseCommittee on Standards of Official Conduct for having sought aid toa Boston community bank in which her husband served on the board.There is no timetable for the panel to complete its investigationand if the panel concludes there was any wrongdoing it could reduceher chances to succeed Frank.

Waters is a supporter of credit unions, and a cosponsor oflegislation to raise the cap on member business loans. At a recenthearing on a bank deregulation bill, she declared herself asupporter of credit unions and community banks and said she wantedboth to do even more to spur job creation.

CUNA Senior Vice President Ryan Donovan said that Waters is“very supportive of what credit unions do in serving theunderserved. We have a good relationship with her and she's alwayswilling to listen.''

NAFCU Vice President Brad Thaler said while it is a “bit early”to know who might become the top Democrat on the panel, Waters hashad a good record on credit union issues. He also said that Watershas been keenly interested in issues surrounding GovernmentSponsored Enterprises such as FannieMae and and FreddieMac andwhose issues will likely be top priorities for the panel.

Frank announced Monday that he won't seek reelection next yearto the seat he has held since 1981.

Decisions about the chair or ranking minority members ofcommittees are made by the Democrats' Steering and PolicyCommittee, usually during the lame duck session that follows anelection. The full Democratic caucus must ratify the decision.

If the panel decides to bypass Waters, next in line is Rep. Carolyn Maloney (D-N.Y.) who is also supportive of creditunions. She was the key author of legislation that Congress passedin 2009 overhauling credit card rules, including requiringadditional disclosures to consumers.

Next in line is Rep. Luis Gutierrez (D-Ill.) who has beeninterested in issues relating to serving the underserved.

Donovan said it is possible the Democrats could circumventseniority and go with Rep. Mel Watt (D-N.C.), who is thesixth-ranking Democrat on the panel.

“Any discussion of possible successors [to Frank] that doesn'tinclude Watt would be incomplete. He is regarded by many as one ofthe members on the same par intellectually as is Frank,'' Donovansaid.

Gutierrez, Maloney and Watt have all received campaigncontributions from credit union political action committees. Noneis a cosponsor of the legislation to raise the cap on memberbusiness loans.