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From left: House Financial Services Committee Chairman Jeb Hensarling, R-Texas, outgoing NCUA Board Member Michael Fryzel and new NCUA Board Member Mark McWatters

Aug. 27, 2014 – Mark McWatters was sworn into office as an NCUA Board member Tuesday morning, in a private ceremony at the Dallas office of House Financial Services Chairman Jeb Hensarling, R-Texas.

McWatters served as Hensarling's counsel in 2009, and served with him as a member of the Troubled Asset Relief Program Congressional Oversight Panel.

"It is my distinct honor and privilege to join the NCUA Board," McWatters

. "I wish to thank President Obama for submitting my nomination to the Senate, Senate Minority Leader 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."

NAFCU President and CEO Dan Berger congratulated McWatters on his new role, saying: "We congratulate Mr. McWatters on his new post and look forward to working with him in his new role and to continue our efforts with NCUA to support a positive regulatory environment for credit unions, particularly concerning the proposed risk-based capital rule."

Outgoing NCUA Board Member Michael Fryzel delivered the oath of office to McWatters.

Only two of NCUA's three board members may be from the same political party. McWatters is a Republican. Democrats Debbie Matz, the board's chairman, and Rick Metsger, the board's vice-chairman, have terms that will continue through Aug. 2, 2015, and Aug. 2, 2017, respectively. McWatters' term will last through Aug. 2, 2019.