Honorable Rodney Hood :
NCUA ’ s journey of compliance , community and adaptability
The Honorable Rodney E . Hood talked to ACAMS Today about his career , the National Credit Union Administration ( NCUA ), the financial crime trends that affect credit unions and more .
President Donald J . Trump nominated Rodney Hood for the NCUA Board on January 19 , 2019 . The U . S . Senate confirmed him on March 14 , 2019 , and he was sworn in as the 11th NCUA chairman on April 8 , 2019 . Hood served as the NCUA ’ s chairman until January 25 , 2021 .
As an NCUA Board member , Hood serves as the NCUA ’ s representative on the Board of Directors of NeighborWorks America , one of the nation ’ s leading affordable housing and community development organizations . Hood was named chairman of NeighborWorks America on June 22 , 2023 . This is his second time serving as the agency ’ s representative on the NeighborWorks Board .
Hood was previously nominated to the NCUA Board by former President George W . Bush and served from November 2005 until August 2009 . During his first term on the Board , he was appointed vice chairman .
Immediately prior to rejoining the NCUA Board in 2019 , Hood served as a corporate responsibility manager for JPMorgan Chase , managing national partnerships with nonprofit organizations , financial regulators and community stakeholders to promote financial inclusion and shared prosperity in underserved communities throughout the U . S .
Hood ’ s professional awards include being named one of the “ 40 Young Leaders Under the Age of 40 ” by the Triangle Business Journal in Raleigh , North Carolina . He is the first recipient of the “ Dream Award ,” an award given by the Wells Fargo Housing Foundation to honor individuals who have exhibited an outstanding commitment to affordable housing .
A native of Charlotte , North Carolina , Hood holds a bachelor ’ s degree in business , communications and political science from the University of North Carolina at Chapel Hill .
ACAMS Today ( AT ): Tell us about the NCUA .
Rodney Hood ( RH ): The NCUA is the prudential regulator for America ’ s credit union system that ensures the safety and soundness of the system and provides access to credit and insurance for over 137 million members of the NCUA . Headquartered just outside of Washington , D . C ., and having over 1,100 employees , the NCUA oversees , regulates and provides insurance to 4,700 credit unions . The NCUA is like the Federal Deposit Insurance Corporation ( FDIC ) but for credit unions , and the administration ensures deposits up to $ 250,000 per account . Simplified , the NCUA is a government regulatory agency charged with ensuring the safety and soundness of the credit union system , as well as providing services to the insurer .
AT : What do you consider to be the major achievements of the NCUA when you were Board chairman from 2019 to 2021 ?
RH : I returned to the agency in 2019 and was confirmed by the Senate as the 11th chairman of the NCUA . We are a threemember governing Board , all at six-year staggered terms . I have had the opportunity to take on three distinct roles within the NCUA : First , as vice chairman from 2005 to 2009 , and then a decade later , as chairman . Now , I am serving out my term as a Board member . My regulatory philosophy has always been that regulation needs to be effective and not excessive . I have always believed that we , as regulators , must provide our institutions with the regulatory empowerment and flexibility they need to reach their potential .
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