J. Mark McWatters is the new acting chairman of the NCUA Board, replacing Rick Metsger, as the result of a White House designation Thursday, according to a report by CUToday.info.
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.
According to his official biography, McWatters has more than 30 years of legal experience as a tax, corporate finance and mergers and acquisitions attorney, he has worked in both federal and state government, the private sector and academia and has significant experience in public policy issues related to the regulation of financial institutions and alternative investment vehicles, including service as a member of the Troubled Asset Relief Program Congressional Oversight Panel. He is also licensed as a Certified Public Accountant.