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Aug. 26, 2014 – Mark McWatters is scheduled to be sworn into office as an NCUA Board member this 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.

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."

According to the Credit Union Times, outgoing NCUA Board Member Michael Fryzel will deliver 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, a member of the board, have terms that will continue through Aug. 2, 2015, and Aug. 2, 2017, respectively. McWatters' term will last through Aug. 2, 2019.