Congress: Regulatory Nominations Hearing

Rodney Hood
Nomination hearings were held for Rodney Hood, along with Todd Harper, to serve on the NCUA Board.

On Thursday, Feb. 14, the Senate Committee on Banking, Housing, And Urban Affairs conducted a hearing on nominations, including for Mr. Todd M. Harper and The Honorable Rodney Hood to serve as members on the National Credit Union Administration (NCUA) Board and Dr. Mark Anthony Calabria to serve as director of the Federal Housing Finance Agency (FHFA).

Most questions were directed to Calabria, who maintains that he would act in accordance with the statute and work with Congress to ensure the FHFA’s safety and soundness. He also believes we need an open competitive market that would address "too-big-to-fail" instances and the GSEs must be well capitalized, well managed, and well regulated.

There were few questions for Hood and Harper. Regarding a question related to reducing regulatory burden, Rodney Hood indicated he would ensure safety and soundness while also ensuring “regulation is effective, but not excessive.” Harper stated it is very important to tailor rules.

Harper’s opening testimony included: “Accordingly, if confirmed, I would focus on the issues of capital, liquidity, and cybersecurity. I would also prioritize the agency’s consumer protection responsibilities, consistent with the law.”

Hood’s opening testimony included: “My paramount responsibility will be ensuring the safe and sound operation of federally-insured credit unions. Additional responsibilities will include ensuring that NCUA thoroughly applies all relevant consumer protections, creates opportunities to promote financial education & financial inclusion, and fosters an environment where low-to-moderate income and disabled individuals have access to affordable financial services.”

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