ALEXANDRIA, Va.–NCUA Board Member J. Mark McWatters has submitted his letter of resignation to the White House effective immediately.
The decision comes one day after McWatters said he would not support the proposed 2021 agency budget as it is currently written and shortly ahead of a scheduled confirmation hearing by the Senate on his successor, Kyle Hauptman.
McWatters has served on the NCUA board for more than six years, including a term as chairman. McWatters and former board member (and also chairman) Rick Metsger served for an extended period as a two-person board as a seat remained vacant. That seat was eventually filled by Rodney Hood, who was appointed to the board by President Trump and, in a surprise to many, was also elevated to chairman, replacing McWatters.
Response from Board Member Todd Harper
“During his six years on the NCUA Board, J. Mark McWatters’ intellect, independence and insights improved the policymaking process. His many accomplishments include strengthening the transparency of the voluntary merger process, closing the Temporary Corporate Credit Union Stabilization Fund ahead of schedule and increasing the normal operating level of the Share Insurance Fund. Mark leaves the Board with a commendable record of achievement, and I wish him well in his future endeavors," said Harper. “Going forward, my priorities will continue to be capital and liquidity, cybersecurity, consumer financial protection, and diversity, equity, and economic inclusion. I will work alongside of the dedicated staff of the NCUA and my fellow Board members to ensure that the credit union system remains safe and sound and members are protected. Now, more than ever, we must work together to navigate through the pandemic-induced economic crisis.”
Statement from CUNA President Jim Nussle
"As a member of the NCUA Board, J. Mark McWatters has helped credit unions advance the financial well-being of their 120 million members. We're appreciative of his work to reduce the regulatory hurdles that credit unions face and for his service to the movement. We wish him well in his next endeavor," said Nussle. "As the coronavirus pandemic continues to affect the health and finances of communities across the country, it is more important than ever that the Senate act swiftly on the confirmation for Mr. McWatters' successor. We look forward to the Senate’s consideration of this matter in the coming days.”S\
Statement from NCUA Chairman Rodney Hood
"I would like to extend a sincere thank you to Board Member McWatters for his service," said Hood. "His years on the NCUA Board are a credit to his decades long career in law and policymaking. I wish Mark all the best in his future endeavors.”
Statement from NAFCU President Dan Berger
“NAFCU thanks NCUA Board Member J. Mark McWatters for his many years of service to the credit union industry,” said Berger. “We appreciate his strong support in modernizing outdated regulations, reforming field of membership requirements, and ensuring credit unions have had the flexibility and resources needed to continue serving their members during challenging times. We wish Mark the best.”
Statement from NASCUS President Lucy Ito
“During his tenure, particularly as chairman of the board, Mark was receptive and responsive to the views and ideas of the state system. For example, he was the first board member in 20 years to objectively assess the old, opaque overhead transfer rate (OTR) methodology and challenge the agency to do more than tweak it, which resulted in a complete overhaul of the methodology to be more fair, more equitable, and more transparent," said ito. "In a number of other areas – notably risk-based capital and, especially, subordinated debt – Board Member McWatters carefully listened, concisely analyzed, and fairly evaluated the needs of the state system, as well as the entire credit union community. We thank him for his service, and wish him well going forward.”