ALEXANDRIA, Va.—Incoming NCUA Board Member J. Mark McWatters took the oath of office today and joined the NCUA Board as its 21st member.
Outgoing board member Michael Fryzel administered the oath to McWatters in Dallas as his final official action, and the swearing-in ceremony took place in the district office of U.S. Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee.
"It is my distinct honor and privilege to join the NCUA Board," McWatters said in a statement, before going on to thank President Obama and members of the Senate for the nomination and confirmation. "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."
Obama nominated McWatters to the board on Jan. 7, and he was confirmed by the Senate on June 19. Prior to joining the NCUA Board, he served as the assistant dean for graduate programs and as a professor of practice at the Southern Methodist University Dedman School of Law and as an Adjunct Professor at the SMU Cox School of Business. He has also served on the Governing Board of the Texas Department of Housing and Community Affairs and the Advisory Committee of the Texas Emerging Technology Fund.
"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," NAFCU President and CEO B. Dan Berger said in a statement released by the trade group.
Outgoing NASCUS President and CEO Mary Martha Fortney also congratulated McWatters, saying in a statement that "we look forward to working with him to ease the regulatory burden on financial institutions and to preserve the dual-chartering system."
Bill Hampel, interim president and CEO at CUNA, added his voice to the congratulatory chorus, saying in a statement that CUNA "look[s] forward to working with him, along with the other board members, on the key regulatory issues facing credit unions today."
