McWatters visits CUNA D.C. office

October 22, 2014

WASHINGTON (10/23/14)--National Credit Union Administration board member J. Mark McWatters visited the Credit Union National Association offices here and met with CUNA President/CEO Jim Nussle.

Click to view larger imageNew NCUA board member J. Mark McWatters (front left) talks to CUNA President/CEO Jim Nussle (front right) in a get-to-know-you meeting in Nussle's office this week.  Also at the meeting were NCUA Senior Policy Advisor Sarah Vega (center right) and CUNA Chief Economist Bill Hampel (center). (CUNA Photo)

McWatters was sworn to his post on Aug. 26.  He joined NCUA Chair Debbie Matz and Vice Chair Rick Metsger on the three-person board, and filled the post of exiting board member Michael Fryzel. Fryzel performed the swearing-in.

McWatters' trip to the CUNA office Tuesday was a get-to-know-you session with CUNA's CEO Nussle--himself a newcomer to his current position having joined CUNA on Sept. 20. Sara Vega, NCUA senior policy advisor, and CUNA Chief Economist Bill Hampel also attended the meeting.

One of the biggest issues facing McWatters as he joined the NCUA board was--and is--the pending risk-based capital (RBC) rule, first proposed in January and the subject of thousands of comment letters.

In some of his first public statements as a federal credit union regulator, including in a meeting with senior CUNA staff, McWatters said that he would not vote on a final RBC rule without a second comment period. CUNA strongly advocated for a second comment period due to the extensive revision the agency is considering to the original proposal and commended the NCUA decision to allow a second round of comments. CUNA said in recent letters to the agency that period should be at least 60 days long.

CUNA leader Nussle also recently met with Matz and plans to meet soon with Metsger.