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McWatters Named Acting Chairman of NCUA

Mon, Jan 30, 2017

Alexandria, Virginia

The Trump administration has elevated NCUA Board Member Mark McWatters to acting chairman, replacing Democrat Rick Metsger, who will remain on the board.

The change was expected following Donald Trump’s win in the presidential election. The board remains one member short, and while the timeline remains unknown, the administration will eventually appoint another Republican to the board. There has been some speculation that former NCUA board member and chairman, Michael Fryzel, now an attorney practicing in Chicago, could be reappointed.

McWatters was nominated to the NCUA Board by President Barack Obama on January 7, 2014. Following confirmation by the U.S. Senate on June 19, 2014, Mr. McWatters took office as an NCUA Board Member on August 26, 2014.

With more than 30 years of legal experience as a tax, corporate finance and mergers and acquisitions attorney, McWatters has worked in both federal and state government, the private sector and academia and has significant experience in public policy issues related to the regulation of financial institutions and alternative investment vehicles, including service as a member of the Troubled Asset Relief Program Congressional Oversight Panel. Mr. McWatters is also licensed as a Certified Public Accountant.