April 04, 2014

Senate Banking to vote on McWatters

April 25, 2014 – The Senate Banking Committee is set to vote on the nomination of Mark McWatters to the NCUA Board next Tuesday.

The committee, set to meet in executive session, will be taking action on several federal agency nominations, including three for the Federal Reserve Board and two for the Department of Housing and Urban Development. If approved by the committee, these nominations would next be addressed in the Senate, which could vote to confirm them.

Following Tuesday's votes on the nominations, the panel will proceed to consideration ofthe Johnson-Crapo housing finance reform draft.

Testifying before the committee March 13, McWatters said he is committed to looking closely at NCUA's risk-based capital proposal. He said "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 in January to succeed Michael Fryzel, whose NCUA Board term expired last Aug. 2. McWatters' term, if he is confirmed to the post, would continue through Aug. 2, 2019.

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.