WASHINGTON (6/16/14)--J. Mark McWatters could be confirmed as the newest member of the National Credit Union Administration by the Senate this week, joining the three-person board alongside Chair Debbie Matz and board member Rick Metsger.
McWatters, the current assistant dean for graduate programs at Southern Methodist University's School of Law, will replace Michael Fryzel, whose term expired last August but who agree to stay on the board until a successor was confirmed. McWatters was nominated by President Barack Obama in December.
The Credit Union National Association wrote to Senate Majority Leader Harry Reid (D-Nev.) and Sen. Minority Leader Mitch McConnell (R-Ky.) late last week urging them to confirm McWatters as soon as possible, so he can be brought up to speed on the latest developments in the NCUA's risk-based capital program before a rule is made final.
"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," the letter reads.
CUNA Interim President/CEO Bill Hampel said that the association is compelled to act to seek McWatters' approval because of the wide-ranging implications the NCUA's risk-based capital proposal would have on credit unions.
"CUNA has not historically taken positions on presidential nominations, and we are not expressing a view on the merits of this nomination," Hampel said, adding, "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."