NCUA Board Member J. Mark McWatters has served on the NCUA Board since 2014.
Mr. McWatters previously served as the tenth NCUA Board Chairman from June 23, 2017 to April 8, 2019, and as Acting Chairman from January 23 to June 23, 2017. He was nominated to the NCUA Board by former President Barack Obama on January 7, 2014. Following Senate confirmation, he took the oath of office as an NCUA Board Member on August 26, 2014.
The NCUA undertook a number of initiatives during his tenure as Chairman, the most significant being the closure of the Temporary Corporate Credit Union Stabilization Fund prior to its scheduled expiration in 2021 and the transfer of its assets to the National Credit Union Share Insurance Fund. This action resulted in nearly $900 million in Share Insurance Fund dividends to eligible federally insured credit unions.
As NCUA Board Chairman, Mr. McWatters led efforts to provide greater transparency and accountability to credit union members during voluntary mergers, improve the appeals process for agency supervisory and program decisions, and implement the greater use of offsite examination and supervision. He also led the agency’s first large-scale restructuring initiative in more than a decade to meet the future demands of the credit union system and financial services landscape.
Mr. McWatters has advocated for additional legislative and regulatory changes that would expand how credit unions define their fields of membership. This includes allowing credit unions to serve communities that exist online to better reflect today’s society and to add underserved areas to their fields of membership to expand access to affordable financial services for the unserved and underserved, and those of modest means.
Prior to joining the NCUA Board, Mr. McWatters served as the Assistant Dean for Graduate Programs and as a Professor of Practice at the Southern Methodist University Dedman School of Law, and as an Adjunct Professor at the university’s Cox School of Business. He also served on the Governing Board of the Texas Department of Housing and Community Affairs, and the Advisory Committee of the Texas Emerging Technology Fund.
Previously, Mr. McWatters served as a member of the Troubled Asset Relief Program Congressional Oversight Panel and as counsel to Rep. Jeb Hensarling (R-Texas). He also practiced law as a partner with three large, cross-border law firms and as counsel to an international hedge and private equity firm where he specialized in taxation, corporate finance, and mergers and acquisitions. Immediately after graduating from law school, Mr. McWatters served as a judicial clerk to the Honorable Walter Ely of the U.S. Ninth Circuit Court of Appeals in Los Angeles.
Mr. McWatters is licensed to practice law in Texas and New York, and as a Certified Public Accountant in Texas. He earned a J.D. degree from the University of Texas at Austin School of Law and LL.M. degrees from Columbia University School of Law and New York University School of Law.