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News Now

Washington
McWatters nominations, data security scrutiny, reg burden impact
WASHINGTON (3/3/14)--The Senate Banking Committee Tuesday will be scrutinizing the nomination of Mark McWatters to become a member of the National Credit Union Administration (NCUA) board.

There are only two steps left, after the nomination hearing, on McWatters' path to replacing NCUA board member Michael Fryzel.  Fryzel's  term ended Aug. 2, but the one-time chairman has continued to serve until his replacement could be installed.

After tomorrow's hearing, the banking panel will decide whether or not to move McWatters' name forward for a confirmation vote; an affirmative vote is widely expected. If the committee then votes to confirm the nomination,  a vote is then taken by the full Senate.
If all goes smoothly, McWatters could take a seat on the NCUA board within weeks.

McWatters is not a stranger to the halls of the U.S. Congress. He served in 2009 as counsel for Rep. Jeb Hensarling (R-Texas), who has been the chairman of the House Financial Services Committee since January 2013. McWatters is currently dean for graduate programs at Southern Methodist University's School of Law in Dallas.

He was a member of the TARP Congressional Oversight Panel in Washington, D.C., from December 2009 to April 2011. TARP--or the Troubled Asset Relief Program--refers to the $700 billion fund established in 2008 to help stabilize the economy after the downturn caused by a burst housing market bubble.

Among other notable events for credit unions in Congress this week: House Financial Services subcommittees will be looking at data security and the impact that the growth of financial regulations has on competition:
  • On Tuesday at 10 a.m. (ET), the subcommittee on oversight and investigation will examine the growing impact of regulations on financial institutions in the U.S.. It will also study the extent to which differences between domestic and foreign regulatory regimes make it  difficult for U.S. financial institutions to compete with foreign-based firms and decrease the attractiveness of U.S. financial markets. Witnesses to be announced.
  • The subcommittee on financial institutions and consumer  credit  on Wednesday will conduct that panel's first investigation into the Target data breach and the overall existing threat to financial privacy and date security. The subcommittee will discuss existing security measures and what types of technologies are on the horizon that will help reduce the risk of future data breaches. The hearing starts at 10 a.m. (ET). Witnesses to be announced.

Watch News Now for legislative calendars updates for the week.


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