WASHINGTON—President Barack Obama Monday announced his intent to nominate NCUA Board Member Mark McWatters to serve on the board of directors of the Export-Import Bank of the United States. McWatters issued a statement saying he "intends to remain fully engaged" on matters coming before the NCUA board during the confirmation process.
"It is an honor to be nominated by President Obama to serve on the Board of Directors of the Export–Import Bank,” said McWatters in a statement. “If confirmed by the U.S. Senate, I look forward to working with Chairman Hochberg and Vice Chair Felton. Until that time, I will continue to work on the critical regulatory issues and policies facing the credit union system as a member of the NCUA Board.”
Until recently, board members of the Export-Import Bank were paid just $38,000 annually, compared to the approximately $160,000 McWatters is paid as a member of the NCUA board. However, the recently passed highway bill included language the elevated the pay of Export-Import Bank board members to what is defined as Executive Service Level IV, which is the same category as NCUA board members.
If McWatters leaves his NCUA seat it would likely ease tensions inside the NCUA boardroom. Chairman Debbie Matz, a Democrat, and McWatters, a Republican, have often been in sharp disagreement on NCUA rules and policies—most notably the risk-based capital rule and 2016 operating budget.
The sharp debate between the two has been reported in numerous CUToday.info stories, including the most read story of the year among CUToday.info readers.
McWatters, an attorney, was appointed to the to the NCUA board in August 2014. Previously, he served as the director of graduate programs and as an adjunct professor at the Southern Methodist University (SMU) Dedman School of Law from 2011 to 2014. McWatters was also an adjunct professor at SMU’s Cox School of Business from 2009 to 2014.
NAFCU congratulated McWatters on the nomination.
“And we thank him for his continuing service to credit unions and wish him well upon his confirmation," said NAFCU President and CEO Dan Berger.
NASCUS commended McWatters for his efforts during his time on the NCUA board.
"Mark McWatters expended considerable effort to bring greater transparency and accountability to the NCUA board and to the agency generally during his tenure, which NASCUS applauds," said NASCUS President and CEO Lucy Ito. "Further, he worked to facilitate equitable acknowledgement of the needs of both federal and state charters, demonstrating recognition of the importance of the dual chartering system. NASCUS thanks him for his service. Going forward, NASCUS believes that the federal-state credit union regulatory partnership would be best served if one seat on the NCUA board was designated for a member with state credit union regulatory experience, along with a board expanded to include five members."