Former National Credit Union Administration (NCUA) Chair Rodney Hood has been selected by Treasury Secretary Scott Bessent to lead the Office of the Comptroller of the Currency (OCC) on an interim basis. Hood will serve as the first deputy comptroller of the OCC, acting in the absence of a Senate-confirmed comptroller.
Hood’s appointment is notable given his prior experience at the NCUA, where he served from 2019 to 2021 and remained on the board until January 2024. Prior to joining the NCUA, Hood worked in the banking industry, including as a Community Reinvestment Act manager at NationsBank (now Bank of America) and the national director of community development lending at Wells Fargo.
Hood’s selection has sparked some surprise, with Gregory Lyons, a partner at Debevoise and Plimpton, stating that his name did not appear in earlier reports on the Trump team’s shortlist for the role. However, Hood’s prior government service may have bolstered his candidacy. Todd Baker, managing principal at Broadmoor Consulting and senior fellow at Columbia University, noted that Hood has many friends on Capitol Hill and was previously confirmed by the Senate.
As a key player in the development of the NCUA’s ACCESS Initiative, which aimed to improve financial inclusion for underserved communities, Hood’s appointment highlights his commitment to promoting financial inclusion. He has also spoken out about the importance of artificial intelligence (AI) in addressing financial illiteracy and promoting access to financial services.
Hood’s selection is significant, as it represents a shift towards a more inclusive approach to banking regulation. With the Trump administration’s recent focus on debanking, Hood could help further policies that promote regulatory intervention against politically sensitive industries.
The appointment also marks a partisan shift at the OCC, with Hood joining an all-Republican board. This change could lead to personnel changes and nominations for the Federal Deposit Insurance Corp. (FDIC) board, which would impact the balance of power on the FDIC board.
Source: https://www.americanbanker.com/news/ex-ncua-chair-rodney-hood-tapped-to-lead-occ