June 16, 2014

Fed governors in, all eyes to McWatters

June 17, 2014 – Newly confirmed members of the Federal Reserve Board of Governors were sworn in Monday. Stanley Fischer was also sworn in as the board's vice chairman.

Fischer joined the board May 28 but was just recently confirmed to the vice chairman's post. Also sworn in Monday were new Fed Board Gov. Lael Brainard and Fed Board Gov. Jerome Powell, who has been given a second term. The oaths were administered by Federal Reserve Board Chair Janet Yellen.

Brainard and Powell will serve through Jan. 31, 2026, and Jan. 31, 2028, respectively. Fischer's term as vice chairman expires June 12, 2018, but his board term continues through Jan. 31, 2020.

NAFCU is watching next for Senate action on NCUA Board nominee Mark McWatters, who is expected to get his own vote on confirmation as early as this week.

In March, McWatters told the Senate Banking Committee that he would look closely at NCUA's risk-based capital proposal. NAFCU has raised numerous concerns about the proposed rule, and NCUA Board Chairman Debbie Matz has indicated changes will be made. Three NCUA listening sessions are coming up in June and July and are expected to generate additional commentary on RBC.

Today, the Senate Banking Committee will hold a hearing on the nominations of San Antonio Mayor Julián Castro to be secretary of the Department of Housing and Urban Development and Laura Wertheimer to be inspector general of the Federal Housing Finance Agency.