On April 8, the National Credit Union Administration Board announced a change of leadership that had been a closely held secret. As his last official action as chairman of the NCUA Board, J. Mark McWatters administered the oath of office to Rodney E. Hood as the 11th board chairman.

Hood was nominated to the NCUA Board on Jan. 16 this year and confirmed by the Senate on March 14. His term will expire on Aug. 2, 2023. Nominated to the NCUA Board by President Barack Obama on Jan. 7, 2014, J. Mark McWatters will remain on the board until his term expires on Aug. 2.

“It is an honor to have been nominated by President Trump, confirmed by the U.S. Senate, and sworn in by Chairman McWatters to serve as the eleventh NCUA Chairman,” Hood said. “I look forward to leading the agency and focusing on the safety and soundness of America’s credit unions as they operate in today’s ever-changing marketplace. As President Trump’s pro-growth economic agenda seeks to empower individuals and communities across the nation, America’s credit unions are on the frontline of providing affordable access and opportunity to the financial system.

“Over the next four years, I will be especially honored to lead the talented and professional NCUA team while doing my level best to ensure that they have the necessary resources to respond nimbly to today’s market risks and emerging issues. As Chairman, I look forward to enhancing and modernizing the federal credit union charter, addressing the issues of capital reform and cyber security, creating opportunities for credit unions to serve vulnerable communities, and reducing regulatory burdens.”

Immediately prior to his rejoining the NCUA Board, Hood 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 vice chairman of the NCUA Board, 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.