Former NCUA head appointed as Acting Comptroller for the OCC
Rodney Hood Appointed as Acting Comptroller of the Currency
Rodney E. Hood has taken on the role of Acting Comptroller of the Currency, effective from Monday, February 10, 2025. As the administrator of the federal banking system, Hood is the chief executive officer of the Office of the Comptroller of the Currency (OCC), responsible for supervising over 1,000 national banks and federal savings associations in the U.S., ensuring their safe operation, fair access to financial services, and regulatory compliance.
Hood's appointment comes with a wealth of experience in the financial sector. His career has spanned retail finance, commercial banking, affordable housing, and community development in the private sector. He has held positions at JPMorgan Chase, Wells Fargo, and NationsBank (which merged with BankAmerica to become Bank of America).
In his previous role at the National Credit Union Administration (NCUA), Hood served as the chair of the NCUA board until January 2021 and continued to serve on the NCUA board until January 2024. He was the first Black American to lead a federal bank regulatory agency when Trump appointed him chair of the NCUA board in 2019. During his tenure, he was a voting member of the Financial Stability Oversight Council and chaired NeighborWorks America and was vice chair of the Federal Financial Institutions Examination Council.
Hood's tenure at the NCUA was marked by a lack of failures or crises in the credit union community. His strong appreciation for the positive impact of financial innovation and bank-fintech partnerships was appreciated by Penny Lee, CEO of the Financial Technology Association.
As Acting Comptroller, Hood has been instrumental in leading reforms and innovative engagement with emerging technologies. Under his leadership, the OCC has moved to end certain Biden-era guidance on cryptocurrency and climate risk for banks, stopped using reputational risk as a factor in bank examinations, and restructured the agency’s financial inclusion unit.
Senator Tim Scott, R-SC, looks forward to Hood ensuring the agency stays focused on safeguarding the safety and soundness of the banking system. The Consumer Bankers Association CEO, Lindsey Johnson, believes Hood's extensive experience and leadership in financial services will be invaluable in overseeing the safety and soundness of the nation's banking system.
The FDIC board now has an imbalance with four Republicans and no Democrats. Hood's appointment gives him a seat on the board of the Federal Deposit Insurance Corp. Treasury Secretary Scott Bessent appointed Hood to the position, replacing Michael Hsu, who had been appointed by former Treasury Secretary Janet Yellen.
Hood's background in the private sector is highlighted in the OCC release, demonstrating his regulatory experience within the OCC, demonstrated by his role as acting head overseeing bank supervision, regulatory reforms, and innovation initiatives during his tenure starting in early 2025.
[1] Office of the Comptroller of the Currency. (n.d.). About the OCC. Retrieved from https://www.occ.gov/about-the-occ/ [2] Office of the Comptroller of the Currency. (n.d.). Leadership. Retrieved from https://www.occ.gov/about-the-occ/leadership/ [4] Federal Reserve. (n.d.). OCC announces new leadership. Retrieved from https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250210a.htm [5] American Banker. (2025, February 10). OCC announces new acting comptroller. Retrieved from https://www.americanbanker.com/news/occ-announces-new-acting-comptroller
1 Rodney Hood's extensive experience in various aspects of the financial sector, including his past roles at JPMorgan Chase, Wells Fargo, and NationsBank, makes him well-suited for his new position as Acting Comptroller of the Currency, given his contributions to business and finance.
2 As Acting Comptroller, Hood's active involvement in politics, demonstrated through his previous position as the chairman of the National Credit Union Administration, offers valuable insights into the connection between bank regulation and general-news issues, such as financial stability and bank-fintech partnerships.
