Mark McWatters has been named chairman of the National Credit Union Administration Board, a role he had been serving as acting chairman since January.
He becomes the 10th NCUA Board Chairman, effective immediately.
“As Chairman of the NCUA, I remain committed to providing regulatory relief for the credit union community, in compliance with the Federal Credit Union Act, and to streamlining the operations of NCUA as a prudential regulator,” McWatters, who was appointed by President Trump, said.
McWatters was nominated to the NCUA Board by then-President Barack Obama on Jan. 7, 2014 and took officer on Aug. 26, 2014. McWatters has served as acting board chairman since Jan. 23.
“We best fulfill our obligation to protect America’s $1.3 trillion credit union community and its 108 million, largely middle-class, members, and the safety and soundness of the National Credit Union Share Insurance Fund by promoting a strong and vibrant system and by making the NCUA even more efficient, effective, transparent and fully accountable,” McWatters said.
Prior to joining NCUA’s Board, McWatters served as assistant dean for graduate programs and as a professor of practice at the Southern Methodist University Dedman School of Law and as 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 on the Advisory Committee of the Texas Emerging Technology Fund. McWatters also served as a member of the Troubled Asset Relief Program Congressional Oversight Panel and as counsel to Rep. Jeb Hensarling (R-Texas).
He began his career as a judicial clerk to the Hon. Walter Ely of the Ninth U.S. Circuit Court of Appeals. McWatters is licensed to practice law in Texas and New York and as a Certified Public Accountant in Texas. He holds a J.D. degree from the University of Texas at Austin School of Law and an LL.M degree from each of Columbia University School of Law and New York University School of Law.
“I am very pleased that Mr. McWatters has officially been designated as the Chairman of the NCUA by the President,” board member Rick Metsger said. “This recognizes his hard work and dedication to the mission of the agency and I look forward to our continued work together to provide access and financial safety to the over 100 million Americans who are part of the nation’s credit union system.”
The National Association of Federally-Insured Credit Unions President and CEO Dan Berger applauded the appointment.
“NAFCU congratulates Chairman McWatters on this appointment,” Berger said. “As always, we look forward to working with the chairman and the agency’s board in seeking to ensure a positive regulatory environment where credit unions can thrive.”