Say it aint so: McWatters slated to leave NCUA board

first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr I knew it was too good to last.Suddenly, in August of 2014, the NCUA board included a real life, unabashed  strict-constructionist lawyer and fierce advocate of credit union  flexibility. Now he’s leaving to go irritate a whole new group of bureaucrats and credit unions are worse off for it. Send in the clowns.J. Mark McWatters, who has been an outspoken advocate of greater regulatory flexibility for credit unions since he joined the NCUA’s three member board in August of 2014 has been nominated by President Obama yesterday to serve on the Board of Directors of the recently reauthorized Export-Import Bank of the United States.I will get over the fact that he is ditching the NCUA but it will take some time. Since his appointment he has not been afraid to ruffle some feathers,  He questioned NCUA’s legal authority to impose risk based capital requirements on Well Capitalized credit unions;  advocated for a more expansive interpretation of credit union MBL authority  and  for a more flexible approach to   MBL  enforcement;  and pointedly questioned  NCUA’s budget priorities.  Critics would argue that much of this would have been done without McWatters but it’s  hard to believe that these initiatives would have been pushed with quite so much gusto had he not been around. continue reading »last_img read more