WASHINGTON (1/8/14, UPDATED: 9:45 A.M. ET)--Mark McWatters' nomination to serve on the National Credit Union Administration board has been sent to the U.S. Senate by President Barack Obama.
"This is a pro forma step in the process that formally puts the nomination in the hands of the Senate. Now, the Banking Committee will begin their vetting process in advance of an eventual hearing," Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan said.
Obama announced his intent to nominate McWatters in mid-December. McWatters' nomination is subject to a nomination hearing by the U.S. Senate Banking Committee and a confirmation vote by the Senate.
If confirmed, McWatters would replace board member Michael Fryzel, whose term ended Aug. 2, 2013, but he is allowed to continue serving until another board member is confirmed.