The Federal Credit Union May-June 2014 - (Page 6)
NCUA Board Nominee
McWatters on the Record
hen asked about NCUA's
risk-based capital proposal
during his March 13 Senate
Banking Committee nomination hearing, Mark McWatters noted that
"the devil is in the details" and committed
to looking closely at the proposed rule.
McWatters also spoke favorably of credit
unions when questioned by committee
Chairman Tim Johnson, D-S.D., about what
future challenges he sees for the industry.
McWatters, nominated to an NCUA
Board term that continues through
Aug. 2, 2019, would succeed Michael
Fryzel if he is confirmed. The NCUA
Board nominee was on the troubled
Assets Relief Program Congressional
Oversight Panel from 2009 to 2011 and,
before that, served as counsel to Rep. Jeb
Hensarling, R-Texas, now chairman of
the House Financial Services Committee.
consumers. He also said overregulation
of small credit unions could be a problem
and said he would look into it after he is
confirmed to the board.
McWatters is currently the assistant dean
for graduate programs and an adjunct professor at the Southern Methodist University
Dedman School of Law. He practiced law
for 25 years previously, focusing on domestic and cross-border tax, mergers and
acquisitions and corporate finance.
On his focus as a regulator, he said that
will be "straightforward": "Don't neglect
the fundamentals of capital, liquidity, and
transparency, and always remember that
the greatest threat to a financial system
may reside where you least expect it -
hidden within plain view."
Testifying before the Senate Banking
Committee, McWatters suggested there is
an opportunity for low-income-designated
credit unions to expand their mandate and
serve more underbanked and unbanked
At press time, the Senate Banking Committee was expected to report McWatters'
nomination favorably to the Senate in
the very near future, paving the way for a
vote on confirmation.
NAFCU's Online Training Center
AFCU has launched a
new, extensive Online
Training Center (OTC) to
help credit union volunteers and professionals broaden
their expertise and knowledge about
regulatory issues and developments
affecting their institutions. The OTC
provides timely webcasts on the hottest compliance topics and self-paced
"Our network of experts will provide
credit union volunteers, management
and staff wide-ranging information critical to their roles within the
credit union operation," said NAFCU
President and CEO Dan Berger. "Even
though credit unions face tightening
budgets, the need for knowledge in this
increasingly complex regulatory environment has never been greater."
The following products will be available
in the OTC:
Compliance webcast and online
■■ Board of directors and new staff
online training subscription
■■ All-access pass to the Online Training Center
■■ New and archived webcasts
■■ Free sample modules (for members only)
Credit unions can sign up for a one- or
two-year subscription to the compliance
webcast and online training subscription
and the all-access pass. The two-year
option provides a 35 percent discount to
all OTC education. The OTC is open to
association members and nonmembers.
Recent webcasts have focused on: Bank
Secrecy Act case studies; the massive
Target Corporation data security breach;
the new mortgage rules from the CFPB;
NCUA's proposed rule on risk-based capital; NCUA's board of director policies; and
many more of the issues now facing credit
union executives, risk and compliance
staff, volunteers and others.
Visit www.nafcu.org/onlinetrainingcenter to learn more and subscribe.
THE FEDERAL CREDIT UNION MAY-JUNE 2014
Table of Contents for the Digital Edition of The Federal Credit Union May-June 2014
Voices & Opinions
Calendar of Events
From the Chair
The Lending Landscape
The Social Life: A Social Media Roundtable
NAFCU's 2014 Annual Report
Getting to Know...
Inside NAFCU Services
From the President's Desk
The Federal Credit Union May-June 2014