WASHINGTON (8/27/14)--With J. Mark McWatters having been sworn in as the newest member of the National Credit Union Administration board Tuesday, the Credit Union National Association immediately welcomed him and outlined a number of credit union system developments it hopes to work on with him.
From left, Rep. Jeb Hensarling (R-Texas), outoging NCUA board member Michael Fryzel and incoming board member J. Mark McWatters. McWatters was sworn in by Fryzel at Hensarling's Dallas office Tuesday. (NCUA Photo)
Outgoing board member Michael Fryzel performed the swearing-in ceremony held in at Rep. Jeb Hensarling's (R-Texas) Dallas office. McWatters joins NCUA Chair Debbie Matz and Vice Chair Rick Metsger to form the three-person board.
In a letter sent to McWatters Tuesday directly after the new board member's swearing in, CUNA interim President/CEO Bill Hampel noted that credit unions are facing a "bourgeoning array of regulations."
"We look forward to working with you in the development of a regulatory process that is transparent and accountable and a regulatory environment that will enable credit unions to continue meeting the needs of their members, while ensuring safety and soundness," Hampel wrote.
"We are also hopeful that you will deploy your expertise and background to scrutinize agency decisions particularly regarding the need for new rules, issues relating to examination fairness, and continual NCUA budget increases."
Hampel also expressed his wish that CUNA could meet with McWatters soon to discuss the agency's risk-based capital proposal and other issues.
McWatters previously served as the assistant dean for Graduate Programs and as a professor of practice at the Southern Methodist University Dedman School of Law in Dallas and as an adjunct professor at the university's Cox School of Business. He also served on the governing board of the Texas Department of Housing and Community Affairs and the advisory committee of the Texas Emerging Technology Fund.
Prior to that, McWatters was a member of the Troubled Asset Relief Program Congressional Oversight Panel and as counsel to Rep. Jeb Hensarling (R-Texas). He also practiced law as a partner with three large cross-border law firms and as counsel to an international hedge and private equity firm where he specialized in taxation, corporate finance, and mergers and acquisitions.
Immediately after graduating from law school, McWatters served as a judicial clerk to Judge Walter Ely in the Ninth Circuit of the U.S. Court of Appeals in Los Angeles.
McWatters is licensed to practice law in Texas and New York and is a certified public accountant in Texas. He earned a J.D. from the University of Texas at Austin School of Law and LL.M. degrees from Columbia University School of Law and New York University School of Law.