Mark McWatters was appointed by President Donald Trump as acting chairman of the National Credit Union Administration (NCUA) Board this week, replacing Rick Metsger, who had been chairman since May 2016.
“I am deeply honored that President Trump has asked me to serve as acting chairman of NCUA,” McWatters said. “I look forward to continuing to work with Board Member Metsger to facilitate the ability of credit unions to better serve their members.”
McWatters has been on the board since Aug. 26, 2014, appointed by President Barack Obama. Before that, he was assistant dean for graduate programs and professor of practice at Southern Methodist University Dedman School of Law.
“I remain committed to bringing true regulatory relief to the extent permitted by applicable law and to protecting the deposits of the more than 106 million Americans who rely on federally insured credit unions for their financial needs, all in a manner that ensures the safety and soundness of the National Credit Union Share Insurance Fund,” McWatters said.
While no longer chairman, Metsger remains on the board.
“I congratulate my colleague, Mark McWatters, on his designation, and I expect our strong working relationship to continue,” Metsger said. “He and I have mutual respect for, and trust in, one another, and I think we have accomplished a good deal in the past nine months. Our commitment to working together for a safe and sound credit union system remains the same.”
McWatters also served on the Troubled Asset Relief Program Congressional Oversight Panel as counsel to Rep. Jeb Hensarling (R-TX).
“I commend President Trump for appointing Mark McWatters to this key position,” Hensarling, chairman of the House Financial Services Committee, said. ”Mark is highly capable and extremely well qualified for this role. He brought a free market-oriented, transparent and accountable perspective to the NCUA Board. At a time when the regulatory burden of the Dodd-Frank Act has led to a drastic decline in the number of credit unions serving Americans, Mark’s leadership as acting chairman is greatly needed.”