No plans to move NCUA’s McWatters to Ex-Im Bank

Senate Banking Committee Chairman Richard Shelby (R-Ala.) said he has not decided when — or even if – the panel will consider the nomination of NCUA Board Member J. Mark McWatters to the Export-Import Bank board of directors. Even though Senate Banking Committee hearings are underway for some Obama Administration nominees, Shelby made it clear […]

Senate Banking Committee Chairman Richard Shelby (R-Ala.) said he has not decided when — or even if – the panel will consider the nomination of NCUA Board Member J. Mark McWatters to the Export-Import Bank board of directors.

Even though Senate Banking Committee hearings are underway for some Obama Administration nominees, Shelby made it clear that a decision on whether to move the nomination of McWatters and others continues to depend on whether the administration nominates a vice chairman of supervision at the Federal Reserve.

Shelby said that position was created under the Dodd-Frank Act, adding that under that statute, the position was already supposed to be filled.

“That’s a big thing,” Shelby said. “I’d like to move on the Fed nominee. I’d like them to follow the law.”

Democrats have been upset with Shelby over his unwillingness to conduct hearings on administration nominees. In a letter to Shelby, they pointed out that the Ex-Im Bank cannot approve transactions of more than $10 million because it does not have enough members on its board.

Since a hearing on McWatters has not even been scheduled yet, it would likely be difficult to vote on him soon. Even if Shelby schedules a hearing on McWatters, the committee would have to vote on the nomination, which then would go to the Senate floor.

Read the complete article on the Credit Union Times website.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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