Rodney E. Hood | |
|---|---|
 | |
| ActingComptroller of the Currency | |
| In office February 10, 2025 – July 15, 2025 | |
| President | Donald Trump |
| Preceded by | Michael J. Hsu (acting) |
| Succeeded by | Jonathan V. Gould |
| First Deputy Comptroller | |
| Assumed office February 10, 2025 | |
| President | Donald Trump |
| Preceded by | Michael J. Hsu |
| Chairman of theNational Credit Union Administration | |
| In office April 8, 2019 – January 20, 2021 | |
| President | Donald Trump |
| Preceded by | J. Mark McWatters |
| Succeeded by | Todd Harper |
| Board Member of the National Credit Union Administration | |
| In office March 14, 2019 – January 2024 | |
| President | Donald Trump |
| In office November 2005 – August 2009 | |
| President | George W. Bush |
| Succeeded by | Tanya Otsuka |
| Personal details | |
| Born | (1967-02-22)February 22, 1967 (age 58) |
| Party | Republican |
| Education | University of North Carolina at Chapel Hill (BS) |
Rodney E. Hood is an American government official who served as the ActingComptroller of the Currency and a director of theFederal Deposit Insurance Corporation. He served twice on theNational Credit Union Administration board and was its eleventh chairman from 2019 to 2021.[1] He has experience in retail and commercial banking, affordable housing, and community development. He is the first African-American to lead a banking regulator.[2]
From 2003 until 2005, Hood served as associate administrator of theRural Housing Service at theU.S. Department of Agriculture.[3]
Hood was appointed to the NCUA board by PresidentGeorge W. Bush and served from November 2005 until August 2009.[4] He was appointed vice chairman and served as the NCUA's representative on the board ofNeighborWorks America.[3]
Hood was again nominated to the board of theNational Credit Union Administration (NCUA) on January 19, 2019, by PresidentDonald Trump.[5][6] The senate confirmed his appointment on March 14, 2019. He took the oath of office on April 8, 2019.[7] This appointment made Hood the first African-American head of a federal banking regulatory agency.[8]
Hood became chairman of the NCUA board upon his swearing-in on April 8, 2019. He served as chairman until January 20, 2021, when PresidentJoe Biden appointedTodd Harper to the position. As chairman, Hood served as a voting member of theFinancial Stability Oversight Council. He also represented the NCUA on the Financial and Banking Information Infrastructure Committee and as vice chairman of theFederal Financial Institutions Examination Council.[3] Hood continued his service on the board after being succeeded by Todd Harper as chairman in 2021. He left the board in January of 2024.[9]
During his service on the NCUA board, Hood was a proponent of fintech and artificial intelligence in finance. Hood also supported the formation of new credit unions.[2]
Hood is a supporter of financial inclusion. He has called it the "civil rights issue of our time." Hood has supported regulatory changes to better serve the underbanked.[10]
In early 2020, the NCUA changed its nonmember deposit rule to allow credit unions to have public unit and nonmember shares totaling up to the greater of 50% of net paid-in and unimpaired capital and surplus or $3 million. This rule change significantly improved the liquidity of credit unions.[10]
Under Hood, the NCUA changed its low-income designation rule to include military personnel in 2020. This change gave members of the armed forces a status similar to that of students pursuingtertiary education. This in turn made it easier to qualify for low-income credit union (LICU) status. Being designated an LICU has benefits including exemption from the statutory cap on member business lending, eligibility for grants and loans from theCommunity Development Revolving Loan Fund, the ability to accept deposits from non-members, and increased access to capital. The banking industry was critical of this change.[10]
In 2021, Hood supported the NCUA’s liberalization and streamlining of its derivative rule. This change was designed to make it easier for credit unions to manage interest rate risk.[10]
In 2022, Hood supported the NCUA’s reform of its rule onsubordinated debt. The rule change counted secondary capital as subordinated debt. It also increased the number of credit unions allowed to use subordinated debt to calculate their risk-based capital and net worth. Under the new rule, all LICUs, complex credit unions, and newly established credit unions were permitted to issue subordinated debt subject to regulatory approval.[10]
On February 7, 2025, Hood was made the Acting Comptroller of the Currency by operation of law after being appointed First Deputy Comptroller byScott Bessent, theSecretary of the Treasury, in place ofMichael J. Hsu.[11] By virtue of holding this position, Hood serves as anex officio director of the Federal Deposit Insurance Corporation.[12]
Immediately after assuming office, Hood removed the Office of the Comptroller of the Currency (OCC) from the Network of Central Banks and Supervisors for Greening the Financial System. He issued a statement saying this action was taken because climate change did not fall within the statutory responsibilities of his agency.[13]
At Hood's direction, the OCC issued Interpretive Letter 1183 to affirm that a wide range of cryptocurrency activities are legally permissible for nationally-chartered banks and other financial institutions. The letter specifically addressed custody of cryptocurrencies and participating in independent node verification networks such as distributed ledgers. The letter also ended the requirement for OCC-supervised entities to receive regulatory pre-clearance for such activities.[14] Hood also expressed support for regulatory sandboxes for banks and fintech firms.[15]
Prior to his government work, Hood worked forBank of America as aCommunity Reinvestment Act officer. He later held positions atNorth Carolina Mutual Life Insurance Company as marketing director and group sales manager. Hood also served as national director of the Emerging Markets Group forWells Fargo Home Mortgage and served on the board of the Wells Fargo Housing Foundation.[3][2]
Hood next worked as a corporate responsibility manager forJPMorgan Chase. He managed relationships with non-profits, financial regulators, and community leaders in service of greater inclusion of underserved communities and ethnic minorities.[3][16]
In 2024, Hood was named to the board ofZest AI.[17] Later that year, Hood was appointed to the boards ofPosh AI, the fintech firmModernFi, andDefenseStorm.[18][19][20]
Hood served on the international advisory board of Strategic Resource Management from 2024 to 2025.[21]
Hood worked as a missionary in Africa.[22]
Hood has worked with theUniversity of North Carolina in various capacities including being a member of theBoard of Governors of the UNC System, the Board of Visitors ofUNC at Chapel Hill, and the Board of Trustees for the UNC School of Arts.[23]
Hood served on the board of theNorth Carolina Museum of Art.[23]
Hood served as chairman of the board ofNeighborWorks America from 2021 to 2024.[24]
Hood was named one of the “40 Young Leaders Under the Age of 40” by theTriangle Business Journal.[23]
Hood was given the Wells Fargo Housing Foundation's "Dream Award" for showing a commitment to affordable housing.[23]
In 2023, Hood was inducted into the African American Credit Union Hall of Fame.[25]
Hood received the Distinguished Alumnus Award from the University of North Carolina at Chapel Hill in 2021.[26]
Hood obtained an undergraduate degree in business, communications, and political science from the University of North Carolina at Chapel Hill.[3]
This article incorporates text from this source, which is in thepublic domain. This article incorporates text from this source, which is in thepublic domain.| Preceded by | Chairman,National Credit Union Administration Board April 8, 2019 – 2021 | Succeeded by |