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News Now

Washington
NEW: McWatters NCUA nomination approved by Senate Banking Committee
WASHINGTON (4/29/14, UPDATED 10:25 a.m. ET)--The nomination of J. Mark McWatters to become a member of the National Credit Union Administration board was just cleared to go to the full U.S. Senate for final confirmation.

McWatters was nominated in December to fill Republican Michael Fryzel's spot on the NCUA board. Fryzel has been serving since July 2008 and his term has expired.

During his March nomination hearing before the Senate Banking Committee--the panel that just voted to clear his name for Senate floor action--McWatters said he intends to work with NCUA board members, agency staff and external stakeholders "in an open and respectful manner, with the goal of finding a common ground and working cooperatively through any differences."

He said that is the approach that has served him well in past positions, which include service on the TARP Congressional Oversight Panel, and as counsel for Rep. Jeb Hensarling (R-Texas), who is chairman of the House Financial Services Committee, and in his current position as assistant dean for graduate programs at Southern Methodist University's School of Law in Dallas.

If fully confirmed by the Senate, as expected, McWatters will join NCUA Chair Debbie Matz and board member Rick Metsger to fill out the three-member board.

Also approved by the committee were the nominations of Stanley Fischer to be a member and vice chairman of the Federal Reserve Board of Governors; Jerome Powell to be a member of the Federal Reserve Board of Governors; Lael Brainard to be a member of the Federal Reserve Board of Governors; and Gustavo Velasquez Aguilar to be an assistant secretary of the Housing and Urban Development.


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