WASHINGTON (UPDATED: 5/1/13, 3:15 P.M. ET)--Rep. Mel Watt (D-N.C.) has been nominated to serve as the next Federal Housing Finance Agency Director by President Barack Obama.
Obama made the announcement in remarks at the White House this afternoon.
The congressman "has a strong understanding of financial services issues and has been willing to listen to credit unions and consider our issues throughout the years," Credit Union National Association President/CEO Bill Cheney said Wednesday.
Watt has served in the U.S. Congress since 1992, and is a veteran member of the House Financial Services Committee. If confirmed by the Senate, he would replace FHFA Acting Director Edward DeMarco, who has led that agency since Sept. 1, 2009.
Many in Congress have called for Obama to remove DeMarco and nominate a replacement. Obama in 2011 nominated former N.C. bank commissioner Joseph Smith to serve as full-time director, but that nomination was not confirmed.