McWatters named acting NCUA chairman; Metsger becomes board member

Jan. 26, 2017 -- J. Mark McWatters is the new acting chairman of the NCUA Board, replacing Rick Metsger, as the result of a designation Thursday by President Donald Trump, NCUA confirmed today.

McWatters, a Republican, has served on the board since 2014 after being nominated by President Barack Obama. His term runs to Aug. 2, 2019. Rick Metsger, a Democrat who previously served as chairman, has essentially swapped titles with McWatters, and now becomes a “member” of the board. Metsger’s term expires this year on Aug. 2.

“I am deeply honored that President Trump has asked me to serve as Acting Chairman of NCUA,” McWatters said in a statement. “I look forward to continuing to work with Board Member Metsger to facilitate the ability of credit unions to better serve their members." Metsger, also in a statement, congratulated the new acting chairman. “He and I have mutual respect for, and trust in, one another, and I think we have accomplished a good deal in the past nine months. Our commitment to working together for a safe and sound credit union system remains the same.”

NASCUS President and CEO Lucy Ito said that the selection of McWatters as acting chairman is a welcome choice to the state credit union system to lead the NCUA Board. “As a member of the board, he has displayed an intricate knowledge of the law and regulations affecting credit unions, as well as the ever-more complex accounting rules they must follow.”

Ito also noted that, during the period when Rick Metsger was chairman, McWatters worked closely with the chairman in a show of solidarity and cooperation, “which we think benefited the entire credit union system.”

The NASCUS leader praised and thanked former chairman (and now board member) Metsger for his leadership at the agency, and said the state system looks forward to working with him as a continuing board member.