President Trump Monday began the process of restocking the National Credit Union Administration board.
With only one board member currently in-term, Trump nominated former NCUA vice-chair Rodney Hood to fill the expired seat of board member (and former chairman) Rick Metsger, whose term expired in August 2017 but had agreed to continue to serve as a holdover until his replacement was named.
Should he be confirmed by the Senate, Hood will serve until 2023. He was previously nominated to the board by President George W. Bush, and served from 2005 to 2009. Hood served also as associate administrator of the Rural Housing Service from 2003 to 2005.
Hood has worked with JP Morgan Chance since October 2010, promoting housing and economic inclusion in underserved neighborhoods, served on NCUA’s board from October 2005 to August 2010. He was nominated then by President George W. Bush.
This nomination marks the first attempt to address the board’s personnel situation since July 2016, when President Obama nominated John A. Herrera, a senior vice president at Self-Help in Durham, N.C., to fill the vacancy created when former Chair Debbie Matz stepped down that April. The Senate never acted on Herrera’s nomination.
The industry is still waiting on the president to nominate Matz’s successor. The three-member board has operated with a vacancy since April 2016.
The movement reacted quickly and positively to news of Hood's nomination. Read on for a sample of their responses.
This story was updated at 9:17 a.m. on June 19, 2018.
NCUA Chairman J. Mark McWatters
I extend my sincerest congratulations to Mr. Hood on President Trump’s intent to nominate him to the National Credit Union Administration Board. Mr. Hood will bring a wealth of financial industry and community development knowledge to the position. 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
Dan Berger, president and CEO of the National Association of Federally-Insured Credit Unions
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. 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.
Attorney and former NCUA board member Michael Fryzel
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.
Ryan Donovan, chief advocacy officer at the Credit Union National Association
CUNA 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.
John McKechnie, credit union consultant and senior partner for Total Spectrum, and a former NCUA and CUNA staff member
Mr. Hood’s prior service was marked by energy and an interest in adopting forward-looking policies. He has broad experience from which to draw, and I think he will add quite a bit to the NCUA board.
Todd Mason, president of the Maine Credit Union League
Mr. Hood is known to Maine credit unions, as he previously served on the board of the NCUA. In 2007, the League hosted then-vice-chair Hood for a visit, and he addressed Maine credit unions on a variety of issues. We appreciate President Trump nominating someone who is familiar with and understanding of credit unions and our issues. While we understand that Mr. Hood’s most recent role was at JP Morgan Chase, he is well-respected in the credit union industry and we welcome his nomination to serve again on the NCUA board, as he will bring experience and expertise that is important to making thoughtful decisions that impact credit unions.
Caroline Willard, president and CEO, Cornerstone Credit Union League
We at Cornerstone Credit Union League are pleased to see one of the two vacancies on the NCUA board filled, and are doubly pleased that President Trump has nominated someone who is a known quantity to us. Mr. Hood will bring some institutional knowledge to the position, which is welcomed, given the complexity of the job. It’s also interesting to note that, since it appears that Chairman McWatters is no longer in the running for the top job at CFPB, we’ll have two seasoned directors on the board.
Lucy Ito, president and CEO of the National Association of State Credit Union Supervisors
NASCUS looks forward to resuming a productive working relationship with Rodney Hood. If confirmed, we are confident that Mr. Hood will work with NCUA board Chairman McWatters to ensure the credit union system remains safe, sound and competitive in the broader market. Mr. Hood’s return to the NCUA board would bring a unique combination of insights from both his banking sector experience at JP Morgan Chase & his rural housing background at USDA.
Paul Gentile, president and CEO of the Cooperative Credit Union Association
Rodney brings a wide breadth of experience in financial issues. In particular, he has deep knowledge in serving low-income communities and in developing housing programs to meet all levels of consumers. As a past NCUA board member, one benefit is he will have a short learning curve on NCUA and the credit union system. I am sure he will step right in and get up to speed on current policy and core system issues that NCUA is addressing. We will work to convey to him the importance of credit unions having an effective operating environment to best serve members. A big part of that is a reasonable regulatory environment that balances risk-management with serving members.
Cathie Mahon, president and CEO of the National Federation of Community Development Credit Unions
We here at the Federation have had the pleasure of working with Rodney Hood for many years. He has been very engaged in the work of promoting financial inclusion both in his role as a former NCUA board member and in his subsequent position at JP Morgan Chase. He has always been aligned with the mission and values of the credit union movement and particularly supportive of community development credit unions.
Mike Lord, president and CEO of State Employees' Credit Union in Raleigh, N.C.
Mr. Hood’s previous experience on the NCUA Board will serve credit unions well. His work through JP Morgan on community development, civil rights, rural housing and the disabled community will benefit credit unions as we serve our members. We look forward to working with him.
William J. Mellin, president/CEO of New York Credit Union Association
During his previous tenure on the NCUA board, Rodney Hood proved to be an approachable regulator who showed a willingness to work with credit unions. He understood the importance of listening to stakeholder concerns while taking an effective approach to regulation. I maintained a good working relationship with the former vice chairman, and New York’s credit unions look forward to working with him again.
Former NCUA Chairman Debbie Matz
Rodney will bring a wealth of experience to the NCUA board. Because he was a board member previously, if confirmed, he will be able to hit the ground running. He is familiar with the NCUA staff, stakeholders and credit union issues and his banking experience gives him a wide perspective on the financial services industry.
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