Trump switches chairmen at credit union regulator; McWatters swears in new leader Hood

In a surprising move Monday, incoming National Credit Union Administration (NCUA) Board Member Rodney E. Hood was designated chairman of the agency panel by President Donald Trump. Hood was sworn into office by his predecessor as chairman, J. Mark McWatters.

Rodney Hood

McWatters remains on the board with a term that expires in August; administering the oath of office to Hood, the agency said in a release, was McWatters’ last official action as chairman.

Both Hood and McWatters are Republican appointees to the board.

Hood took the seat on the NCUA Board of Rick Metsger, a Democrat, whose term expired last year . A Republican, Hood had been nominated by Trump last summer, but no action was taken by the Senate (including no confirmation hearing by the Senate Banking Committee) and his nomination was returned when the Congress ended, Jan. 3. Hood is serving a second tour as an NCUA Board member; he previously served on the board from 2005-09, including as vice chairman.

He is now serving a six-year term that ends in August 2023.

According to a release by NCUA, Hood has served as a corporate responsibility manager for JPMorgan Chase, managing national partnerships with non-profit organizations promoting financial inclusion and shared prosperity for underserved communities.

He previously served as associate administrator of the Rural Housing Service at the U.S. Department of Agriculture, and as a member of the Board of Governors for the University of North Carolina. Before public service, NCUA said, Hood held management positions in retail finance, commercial banking, affordable housing and community development at G.E. Capital, Bank of America, Wells Fargo and North Carolina Mutual Life Insurance Company.

He holds a bachelor’s degree in business, communications, and political science from the University of North Carolina at Chapel Hill.

President Trump Designates Rodney E. Hood as Chairman of the NCUA Board