WASHINGTON—The U.S Senate approved the nomination of J. Mark McWatters Thursday to a seat on the NCUA Board of Directors by voice vote.
McWatters succeeds Republican Michael Fryzel, whose six-year term on the Board expired last August, and joins Chairman Debbie Matz and Richard Metsger, who are both Democrats.
President Obama announced his
Current NCUA Board members congratulated McWatters.
“I’ve had an opportunity to get to know Mark in recent months, and I certainly look forward to his joining the Board,” said Matz 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.”
“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.”
“The agency and the credit union system will benefit from Mark’s judgment and experience,” Metsger added. “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.”
NAFCU President and CEO Dan Berger said in a statement: "NAFCU congratulates Mr. McWatters on his confirmation. 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."
“Our congratulations to Board Member McWatters," said CUNA President and CEO Bill Hampel in a release. "His 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.”
McWatters has been the assistant dean for graduate programs and an adjunct professor at the Southern Methodist University Dedman School of Law. From May 2009 to December 2009, He served as counsel to U.S. Representative Jeb Hensarling (R-Texas), now chairman of the House Financial Services Committee.
McWatters shared some
He outlined a concern for addressing risk — no matter the size — within the credit unions that could threaten the Share Insurance Fund and the entire CU community.
"I am convinced that regulators should remain mindful that the root causes of seemingly intractable problems are often embedded not in the esoteric, but in the commonplace," said McWatters. "As such, my focus as a regulator will remain straightforward: Don't neglect the fundamentals of capital, liquidity, and transparency, and always remember that the greatest threat to a financial system may reside where you least expect it — hidden within plain view."
With McWatters coming aboard, Matz looked back on the contributions of Fryzel.
“For the last five years, I have considered Mike a partner in the agency’s efforts to contain the fallout from the corporate credit union crisis and mitigate the effects of the Great Recession," said Matz. "Credit unions were well served by his judgment during some very dark days, and he left the system better than he found it. I wish Mike all the best in his future endeavors.”
