April 29, 2014

McWatters nomination to go to full Senate

April 30, 2014 – Mark McWatters' nomination to the NCUA Board was approved by the Senate Banking Committee by a voice vote on Tuesday and is headed next to the full Senate, which could vote to confirm him at any time.

Three Federal Reserve Board nominees were also approved by the committee, as well as two nominees for the Department of Housing and Urban Development:

  • Stanley Fischer to be vice chairman of the Federal Reserve Board,
  • Jerome Powell and Lael Brainard to be members of the Fed Board,
  • Nani Coloretti to be deputy secretary of HUD, and
  • Gustavo Aguilar to be assistant secretary of HUD.

Committee Chairman Tim Johnson, D-S.D., said in a statement, "As a member of the National Credit Union Administration, I believe Mr. McWatters will hit the ground running with an enthusiasm to help these important community financial institutions. I am pleased that these six nominations were voted favorably out of the Committee, and it is my hope that the full Senate will follow suit in a timely matter."

Testifying before the committee March 13, McWatters said he is committed to looking closely at NCUA's risk-based capital proposal, noting "the devil is in the details." He suggested there is an opportunity for low-income-designated credit unions to expand their mandate and serve more underbanked and unbanked consumers. He also said the overregulation of small credit unions is a potential problem and that "more work needs to be done."

McWatters was nominated to the NCUA Board for a term that continues through Aug. 2, 2019. He would succeed Michael Fryzel. Fryzel's term expired in August 2013. Fryzel plans to continue on the board until his successor is confirmed.
NCUA's board members serve staggered terms. Board Chairman Debbie Matz's term continues until Aug. 2, 2015. Board Member Rick Metsger's term is until Aug. 2, 2017.