McWatters takes oath, joins NCUA Board

ALEXANDRIA, VA (August 26, 2014) — The Honorable J. Mark McWatters took the oath of office and joined the National Credit Union Administration as its 21st Board member today.

In his last official action as an NCUA Board Member, Michael E. Fryzel administered the oath of office to Mr. McWatters in Dallas. The swearing-in took place in the district office of Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, and included a ceremonial oath administered by the Congressman.

President Barack Obama nominated McWatters to the NCUA Board on Jan. 7, 2014. The Senate Banking Committee held his confirmation hearing on March 13, and the full Senate confirmed him on June 19.

“It is my distinct honor and privilege to join the NCUA Board,” said McWatters. “I wish to thank President Obama for submitting my nomination to the Senate, Senate Minority Leader McConnell for recommending my nomination to the President and the Senate for confirming my nomination. As a Board Member, I look forward to addressing the regulatory and administrative law challenges facing the credit union system as it continues to expand and evolve as a critical and fundamental component of the financial services industry.”

Prior to his joining the NCUA Board, McWatters served as the Assistant Dean for Graduate Programs and as a Professor of Practice at the Southern Methodist University Dedman School of Law and as an Adjunct Professor at the SMU Cox School of Business. He also served on the Governing Board of the Texas Department of Housing and Community Affairs and the Advisory Committee of the Texas Emerging Technology Fund.

McWatters previously served as a member of the Troubled Asset Relief Program Congressional Oversight Panel and as counsel to Rep. Hensarling. He also practiced law as a partner with three large cross-border law firms and as counsel to an international hedge and private equity firm where he specialized in taxation, corporate finance and mergers and acquisitions. Immediately after graduating from law school, McWatters served as a judicial clerk to the Honorable Walter Ely of the 9th U.S. Circuit Court of Appeals in Los Angeles.

McWatters is licensed to practice law in Texas and New York and as a Certified Public Accountant in Texas. He earned a J.D. from the University of Texas at Austin School of Law and LL.M. degrees from Columbia University School of Law and New York University School of Law.NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

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