WASHINGTON—Barack Obama Wednesday announced his intent to nominate John Herrera of North Carolina to fill the open seat on the NCUA board.
Herrera is vice president of Latino and Hispanic affairs for Self-Help Services, a non-profit community development financial institution. Herrera also was a cofounder of the Latino Community Credit Union in 2000 and serves as vice chairman of the credit union’s board. It has become the largest Latino-focused credit union in the country, with 62,203 members, 11 branches, and $216.8 million in assets.
In 2013, Herrera was recognized by the White House as an Immigrant Innovator Champion of Change. From 2003 to 2010, he was a commissioner on the North Carolina Credit Union Commission. Herrera received a bachelor’s degree from the University of Delaware and a graduate degree from North Carolina State University.
NCUA Board Chairman Rick Metsger and Board Member Mark McWatters both welcomed Herrera.
“I congratulate John Herrera and hope the Senate acts quickly on his nomination,” Metsger said. “John’s experience creating the Latino Community Credit Union and at Self-Help Services will broaden the board’s perspective and strengthen its ability to fulfill the mandate of the Federal Credit Union Act, including serving persons of modest means. I look forward to working with him to protect the deposits of America’s more than 103 million credit union members, and to expand the availability of not-for-profit cooperative financial services to unbanked and underbanked communities.”
“I congratulate John Herrera on his selection by President Obama to serve on the NCUA board,” McWatters said. “John’s experience in working with underserved communities and involvement in creating a thriving credit union will provide much value to NCUA, federally insured credit unions and all credit union members. I wish him success as he proceeds through the nomination and confirmation process.”
Trade Groups Respond
NAFCU, CUNA and NASCUS congratulated Herrera.
"Mr. Herrera has an impressive background on matters important for credit unions and their consumer-members. We look forward to working with him, should he be confirmed, to ensure a positive regulatory environment for credit unions,” said NAFCU President and CEO Dan Berger.
“John has long and distinguished service to the credit union community, and has worked closely with local regulators in his role as a member of the North Carolina Credit Union Commission for seven years, getting a first-hand look at the impact of state regulation. As one who has organized a state-chartered credit union, he has inside knowledge of the challenges facing new credit unions – but also an appreciation for the opportunities that a state charter can present to a growing institution," said NASCUS President and CEO Lucy Ito. "We look forward to working with him.”
“On behalf of the CUNA/league system, I extend my sincere congratulations to John Herrera,” said CUNA President/CEO Jim Nussle. “Few credit union leaders have worked harder or more passionately to include marginalized and underserved communities into traditional financial services than John, who founded Latino Community CU and has headed Self-Help’s Latino and Hispanic affairs efforts for 17 years. Credit unions will benefit from having someone with direct credit union experience on the board.”
While Herrera’s nomination awaits Senate confirmation, so, too, does McWatters’ nomination to a seat on the Export-Import Bank.
Now What?
How quickly movement on either nomination occurs is a matter of debate, with most analysts saying nothing will happen until after the elections.
Senate Banking Committee Chairman Richard Shelby (R-AL) has said he does not intend for the Senate Banking Committee to consider McWatters’ nomination in 2016.
"I have known John Herrera for many years and have always been incredibly impressed with his intellect and his untiring commitment to credit union principles,” said former NCUA Chairman Dennis Dollar, principal at Dollar Associates in Birmingham, Ala. “While I would say that the confirmation process will be a steep hill to climb for any nominee so late in a hotly contested election year, John would be an outstanding NCUA board member if he is confirmed. It will all come down to the politics on the Hill at this stage, and that's a tough course to play right now. John, however, has no shortage of clout in the political arena. His will be an interesting nomination to watch."