Markets Wired

ALEXANDRIA, Va. (Jan. 26, 2017) – President Donald J. Trump has designated National Credit Union Administration Board Member J. Mark McWatters as the Acting Chairman of the NCUA Board.

McWatters succeeds Rick Metsger, who was designated Board Chairman in May 2016. Metsger continues to serve as an NCUA Board Member.

“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. 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.”

“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 was nominated to the NCUA Board by then-President Barack Obama on Jan. 7, 2014. Following Senate confirmation, he took office as an NCUA Board Member on Aug. 26, 2014.

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.

Previously, McWatters served as a member of the Troubled Asset Relief Program Congressional Oversight Panel and as counsel to Rep. Jeb Hensarling (R-Texas). He also practiced law as a partner in 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. 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.