Senate Expected to Vote on McWatters Nomination This Week: NCUA

WASHINGTON—After a longer than expected nomination process, the U.S. Senate will vote on the nomination of J. Mark McWatters to the NCUA Board of Directors this week.

McWatters would succeed Republican Michael Fryzel, whose six-year term on the NCUA Board expired last August.

Senate leaders reached an agreement Thursday evening to vote on McWatters along with three other presidential nominees.

President Obama announced his intent to nominate McWatters to the Board in December 2013. The Senate Banking Committee voted April 29 to advance McWatters' nomination, after postponing its first vote due to inclement weather.

In a letter Thursday, CUNA urged Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) to schedule a vote soon, noting that further delays in the nomination could have an effect on the proposed 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," wrote CUNA president and CEO Bill Hampel. "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."

Later in the day, Dan Yoken, senior rapid response advisor to the Democratic Policy and Communications Center in the Senate told Credit Union Journal in an e-mail that an "agreement was reached on the McWatters nomination in today's session. No timing was announced."

An NCUA spokesman said the agency expects the vote will occur sometime during the week of June 16.

McWatters would join Chairman Debbie Matz and Richard Metsger, who are both Democrats, on the three-seat Board.

The three other presidential nominees Senate leaders agreed to consider next week are: Gustavo Velasquez Aguilar, to be an assistant Secretary of Housing and Urban Development; Brian A. Nichols, to be Ambassador of Peru; and Christine E. Wormuth, to be Under Secretary of Defense.

NAFCU President Dan Berger said the trade association is looking forward to working with McWatters upon his confirmation and "continuing our efforts with NCUA to ensure a positive regulatory environment for credit unions, especially concerning the proposed risk-based capital rule.”