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House Financial Chair Hensarling Says McWatters Should Head CFPB
Tuesday, January 9, 2018 6:40 AM

Rep. Jeb Hensarling (R-Texas), chairman of the powerful House Financial Services Committee, is encouraging President Trump to nominate National Credit Union Administration Chairman Mark McWatters to become the next director of the Consumer Financial Protection Bureau. 

"As someone who has known Mark McWatters for years and who is keenly aware of the challenges and threats that abound at the CFPB, I can think of few better equipped to serve as its director," Hensarling said. "Having worked closely with Mark in the past, I know him to be incredibly smart, a real free market conservative, and an effective reformer. Mark has my utmost confidence and I encourage President Trump to nominate him."

John Fairbanks of the Office of Public and Congressional Affairs for the NCUA responded to McWatters' critics.

"[McWatters'] record has shown that, by working in a bipartisan manner, the best ideas on modernizing regulation and providing relief prevail," Fairbanks said. "His efforts have resulted in a restructuring and consolidation of the agency and a thoughtfully targeted regulatory approach that provides credit unions with a greater opportunity to serve America's credit union members."

McWatters served as one of five members, including Sen. Elizabeth Warren (D-Mass.), on the TARP Congressional Panel between 2008 and 2010, and named by President Obama to head the Export-Import Bank in 2016 (although the nomination was blocked by Sen. Richard Shelby (R-Ala.) who objected to the existence of the agency).

McWatters, who holds law degrees from the University of Texas, Columbia University and New York University, and is a Certified Public Accountant. He has served on the NCUA board since 2014 and was appointed the agency's board chairman last year by President Trump.