WASHINGTON (6/12/14 UPDATED 9 a.m. ET)--Today the Credit Union National Association sent a letter to Sens. Harry Reid (D) and Mitch McConnell (R) calling for the chamber to schedule the nomination of J. Mark McWatters to be a member of the National Credit Union Administration board.
In today's letter, the trade association said it was not expressing a view on the merits of McWatters' nomination, but rather the importance of having a full complement of board members as the federal regulator.
"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," CUNA Interim President/CEO Bill Hampel wrote.
The NCUA has proposed a risk-based capital rule that has drawn the concern of 324 members of the House of Representatives as well as current and former members of the Senate.
"To be clear, we do not know how Mr. McWatters may view the proposed rule or what suggestions for changes he may bring to the process; we have had no contact with him on any substantive issue or concerning his confirmation," the letter states. "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."
Lastly, "We are not aware of any opposition to Mr. McWatters' confirmation, and we urge the Senate to take action on the nomination as soon as possible."
McWatters is set to replace Michael Fryzel on the board, who began his term in July 2008. Although Fryzel's term expired Aug. 2 of last year, the Republican on the board agreed to remain in service until his successor was confirmed.
McWatters was nominated in December.