DALLAS (8/26/14, UPDATED 11:30 a.m. ET)--J. Mark McWatters was sworn in today as a National Credit Union Administration board member, the agency just announced. Outgoing board member Michael Fryzel performed the swearing in at Rep. Jeb Hensarling's (R-Texas) Dallas office. McWatters will join NCUA chair Debbie Matz and vice chair Rick Metsger to form the three-person board.
"It is my distinct honor and privilege to join the NCUA Board," said McWatters. "I wish to thank President Obama for submitting my nomination to the Senate, Senate Minority Leader [Mitch] McConnell for recommending my nomination to the President and the Senate for confirming my nomination. 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."
Credit Union National Association interim President/CEO Bill Hampel said he and CUNA look forward to working with McWatters and meeting with him as soon as he is settled. Priorities for discussion will include NCUA's risk-based capital proposal, examination concerns, the need for regulatory relief and the agency's budget. CUNA sent a letter to McWatters today welcoming him to the credit union system.
"Congratulations to Mark McWatters on becoming the newest member of the NCUA board today. We look forward to working with him, along with the other board members, on the key regulatory issues facing credit unions today," Hampel said.
Previously, McWatters was the assistant dean for graduate programs at Southern Methodist University's School of Law. He also served as a member of the Troubled Asset Relief Program Congressional Oversight Panel, and prior to that he practiced for over twenty-five years as a domestic and cross-border tax, corporate finance and mergers and acquisitions attorney.
McWatters received his J.D. degree from the University of Texas School of Law, a Master of Laws degree from Columbia University School of Law and an Master of Laws degree in Taxation from New York University School of Law.
Each board member serves a staggered six-year term, with McWatters scheduled to serve until August 2019.