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President sends McWatters NCUA nom to Senate

Mark McWatters' nomination to serve on the National Credit Union Administration board has been sent to the Senate by Pres. Obama.

"This is a pro forma step in the process that formally puts the nomination in the hands of the Senate. Now, the Banking Committee will begin their vetting process in advance of an eventual hearing," CUNA SVP of Legislative Affairs Ryan Donovan said.

The president announced his intent to nominate McWatters in mid-December. McWatters' nomination is subject to a nomination hearing by the U.S. Senate Banking Committee and a confirmation vote by the Senate.

If confirmed, McWatters would replace board member Michael Fryzel, whose term ended Aug. 2 this year. Fryzel is continuing to serve until another board member is confirmed.

McWatters, a Texas tax attorney, served as counsel for Rep. Jeb Hensarling (R-TX) in 2009. He was a member of the Troubled Asset Relief Program Congressional Oversight Panel in Washington from December 2009 to April 2011 and is currently an assistant dean for graduate programs at Southern Methodist University's School of Law in Dallas.