WASHINGTON — CUNA is urging the Senate to take action soon and approve the nomination of J. Mark McWatters to a seat on the NCUA board.
The trade association Thursday sent a letter to Senate Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) saying delaying the nomination could have an effect on the risk-based capital rule vote.
"CUNA has not historically taken positions on presidential nominations, and we are not expressing a view on the merits of this nomination," said CUNA president and CEO Bill Hampel in a release. "Nevertheless, we believe it is critical that the Senate take action on the nomination because NCUA is beginning the process of finalizing a rule that will have substantial impact on credit unions and their ability to serve their members... Our concern is that if the Senate does not act on his nomination soon, he may not have sufficient time on the board to be properly informed and engaged prior to a vote on the final rule."
President Obama announced his intent to nominate McWatters to the NCUA Board in December. The Senate Banking Committee voted April 29 to advance McWatters' nomination. The nomination must still be approved by the full Senate.
If confirmed, McWatters would succeed Republican Michael Fryzel, whose six-year term on the NCUA board expired last August. McWatters would join Chairman Debbie Matz and Richard Metsger, who are both Democrats.
