New NCUA Board Member McWatters Shares Five Areas of Focus

New NCUA board member Mark McWatters, who was sworn in on Tuesday, wasted little time in laying out his initial priorities. In a statement Wednesday he outlined his five key areas of focus:

  1. Providing regulatory relief for credit unions;
  2. Incorporating a robust, objective, transparent and fully accountable cost-benefit analysis into NCUA’s rulemaking and vetting process;
  3. Recognizing the critical role and expanding the scope and financial viability of low-income credit unions within the financial services industry;
  4. Enhancing the availability of affordable and readily understandable financial services to credit union members who are economically challenged; and
  5. Promoting the role of women and persons of color within the credit union industry.

The first two points signal McWatters’ awareness and concern about the growing regulatory burden that credit unions face. The third and fourth show his interest in credit unions’ role in serving low-income individuals and the final point marks diversity in the industry as a key concern.

McWatters statement seems to signal that he prefers a lighter regulatory hand.

He promises a “fresh, transparent and fully accountable” approach to governing the NCUA’s operations so that credit unions can “best serve their members and conduct their affairs through the exercise of prudent, fair-minded and autonomous business judgement.”

McWatters also struck an open tone, saying, “I will always welcome advice and counsel from the broader credit union industry, as well as from the management and members of individual credit unions.”

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org.

Posted in NCUA.