WASHINGTON – President Donald Trump has nominated Rodney Hood to serve on the NCUA board.
Hood, who previously served on the NCUA board from 2005-2010, is being nominated to fill a six-year term that will expire in 2023.
The NCUA board is comprised of three, Senate-confirmed members; two seats are currently filled by Chairman Mark McWatters and Board Member Rick Metsger, whose term expired last year. Metsger has indicated he will serve until Trump nominates his replacement.
McWatters congratulated Hood on his nomination.
“Mr. Hood will bring a wealth of financial industry and community development knowledge to the position," said McWatters. "His familiarity with the federal government process, the NCUA, the credit union community, as well as his financial institutions expertise will enable him to serve as an effective credit union industry regulator. I wish him well as he proceeds through the nomination process.”
Trades Respond
"NAFCU is constantly engaged with the NCUA on issues critical to the credit union industry and we look forward to working with Hood, should he be confirmed, to ensure a positive regulatory environment for credit unions," said NAFCU President and CEO Dan Berger. "During his previous stint on the board, Hood did work to reduce credit unions' regulatory burden, we hope to see that continue. One of our priorities is to maintain a strong, independent NCUA as the primary regulator for credit unions, and we will continue to hold robust conversations with the board to guarantee that and that industry's needs are heard."
Chief Advocacy Officer, Ryan Donovan, said that the trade association and the leagues "congratulate Rodney Hood on his nomination by President Trump to the NCUA board. We look forward to working with Mr. Hood once again to improve the efficiency, safety and soundness for credit unions. During his previous tenure on the board, Mr. Hood was approachable to stakeholders and demonstrated a thorough understanding of credit unions and the importance of commonsense regulation.”
Nomination Should 'Fly Through' Senate
Former NCUA Chairman Dennis Dollar said Hood "was a tremendous asset to the NCUA board during his earlier tenure there, practicing an effective, not excessive approach to regulation. He was well respected in credit union land, and I believe he’ll fly through Senate confirmation because he has already been confirmed once before and has a record of fairness and impartiality as a proven safety and soundness regulator. While you have to be cautious not to get ahead of yourself, I think it is telling that Rodney’s term will extend four years past the end of Chairman McWatters’ term. I don’t think it is out of the bounds of reason that there could be Chairman Hood if the Republicans hold the White House in 2020 – maybe before depending upon what Chairman McWatters does at the end of his term.”
Former NCUA chairman Michael Fryzel, who served on the board with Hood, issued a statement saying, "The nomination of Rodney Hood to the NCUA board by President Trump is an excellent choice to strengthen the board and enable it to further review and reduce the regulatory burden credit unions face. Rodney was on the board when I assumed the chairmanship in 2008. With his work and that of Gigi Hyland we were able to put in place the steps that not only enabled the credit union industry to survive but also to become the strong financial institutions they are today. Credit unions can count on good things from Mr. Hood as he works alongside Chairman McWatters."
Hood currently works at JPMorgan Chase and prior to serving on the NCUA board was a deputy administrator of the Rural Housing Service.