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Washington
NEW: McWatters pledges 'straightforward' regulatory approach
WASHINGTON (3/13/14, UPDATED: 10:45 a.m. ET)--If confirmed, National Credit Union Administration board nominee J. Mark McWatters said he will "work diligently to ensure the continued integrity and safety and soundness of our nation's credit union system in an ever-evolving marketplace."
 
McWatters made his remarks at this morning's Senate Banking Committee nomination hearing that started at 10 a.m. (ET).
 
Committee Chairman Tim Johnson (D-S.D.) said McWatters will hit the ground running with an eagerness to learn more about credit unions. He called for all nominees at today's hearing to be confirmed quickly.
 
The NCUA nominee briefly previewed his approach to regulation in his opening statement, saying his focus as a regulator "will remain straightforward: Don't neglect the fundamentals of capital, liquidity, and transparency, and always remember that the greatest threat to a financial system may reside where you least expect it--hidden within plain view."
 
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." This approach has worked for him in past positions, he said. McWatters has served on the TARP Congressional Oversight Panel, as counsel for Rep. Jeb Hensarling (R-Texas), and as dean for graduate programs at Southern Methodist University's School of Law.
 
If confirmed, McWatters would replace board member Michael Fryzel, whose term ended Aug. 2. Fryzel will continue to serve until McWatters is confirmed.
 
The committee is also reviewing the qualifications for Stanley Fischer, as a member and vice chairman of the Federal Reserve Board; Jerome Powell, as Federal Reserve Board governor; Lael Brainard, as a Fed governor; and Gustavo Aguilar, to be an assistant secretary for the U.S. Department of Housing and Urban Development.
 
The hearing is ongoing. Watch @ NewsNowLiveWire and News Now for further coverage.


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