People, Regulation

Obama nominates Mark McWatters to fill board spot at NCUA

resized_NCUA_SEALPresident Obama nominated Mark McWatters on Wednesday to fill a spot on the National Credit Union Administration’s board of directors that will be left open by board member Michae Fryzel, whose term ended in August.

McWatters served as a member of the TARP Congressional Oversight Panel from 2009 to 2011. The panel was responsible for overseeing the investment of funds from the Troubled Asset Relief Program in a number of institutions, including Goldman Sachs, Citigroup, Bank of America and AIG.

In 2009, McWatters served as counsel for Rep. Jeb Hensarling (R-Texas), the chairman of the House Financial Services Committee. McWatters is currently the dean of graduate law study at Southern Methodist University in Texas.

Of the NCUA’s three-member board, no more than two members can be from the same political party. While the political party in the White House generally determines the board’s ideology, existing NCUA board members are often left in place.

McWatters will replace Fryzel, a Republican who was confirmed to the NCUA board in 2008 and served as chairman until 2009. Other members of the panel include NCUA Chairman Debbie Matz and Richard Metsger, who was confirmed earlier this year.

In order to be confirmed to the position, McWatters must face a nomination hearing before the Senate Banking Committee and confirmation vote by the full U.S. Senate.

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