NASCUS PRESIDENT AND CEO: THANKS TO MCWATTERS

State system’s Ito notes efforts on OTR, subordinated debt

Nov. 24, 2020

CONTACT: Lucy Ito, NASCUS president and CEO; [email protected]

NASCUS President and CEO Lucy Ito expressed the state system’s thanks to McWatters for his efforts as both a member and chairman of the NCUA Board for more than six years. “During his tenure, particularly as chairman of the board, Mark was receptive and responsive to the views and ideas of the state system,” Ito said. “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. 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.”