As NCUA board member Rodney Hood’s term comes to a close this month, and with a Democrat expected to take his place, eyes turn to the Biden Administration for news of who that individual might be, though no successor has been named.
Hood served as NCUA Chairman under Trump in 2019 and then as an NCUA board member in 2021 when Todd Harper took over the Chairman position after nomination from President Biden. He also served on the board previously under President George W. Bush from 2005-2009.
Hood acknowledged the end of his term on the NCUA board back in July, remarking on his motivations for joining the board originally and his desire to further the credit union goal of “people helping people.”
“I hope that I have lived up to that commitment by demonstrating a fidelity to the tenets of safety and soundness while also striving to provide access to financial inclusion for the nearly 135 million members of our country’s credit union system,” said Hood. “In the coming weeks, I will begin another season in my life as my term on the NCUA board concludes in August. I would like to thank Lenwood Brooks and Hallie Williams Hailey in Chattanooga for all their hard work and support in my role as Chairman and board member.”
However, despite these remarks, Hood will remain on the NCUA board for the foreseeable future, as the Biden Administration has yet to name a successor. Furthermore, even if one were to be named tomorrow, it could take months for said successor to be confirmed by the Senate.
Hood, for example, was nominated in January 2019, but was not confirmed until March 2019 and was not sworn in until April 2019.
In light of this, Hood has expressed his willingness and intention to remain on the NCUA board in the coming months until his replacement is sworn in. This move is not out of the ordinary, though it is impossible to say how long Hood could unofficially “extend” his term through. Democrat Debbie Matz, for example, served for over a year after her term expired in 2016.
While this may seem inconsequential, considering Hood has already served for several years with the NCUA, it could have ramifications for key NCUA decisions in the upcoming months. Hood ensures a Republican majority on the board, as fellow board member Kyle Hauptman is also a Republican whereas Board Chairman Todd Harper is a Democrat.
Since the beginning of Harper’s term in 2021, he has worked to push through several proposals which have been blocked by the Republican majority. Meaning that Harper will either need to delay certain issues or risk an undesired outcome.
For instance, the NCUA recently requested information relating to climate change risk back in June. This move was led by Harper, and rejected by Hauptman, and while Hood supported the request for information, he made it clear he would not support any rulemaking or further action on it.
Though if Harper does delay decision-making while waiting for Biden to appoint another Democrat, he might have to wait a while, as the White House remains quiet on the topic.
