In his short time as Acting Comptroller of the Currency, Rodney Hood has cut a distinctive profile within the Trump administration: emphasizing the need for broader financial inclusion even as the administration targets diversity and equity efforts for elimination.
But Hood — whose departure is a mere formality following the Senate
“When I talk about financial inclusion, I’m talking about economics: low to moderate income communities that need access to all of the payment system rails, that need access to tools of the future. I’m not talking about ethnicity, I’m not talking about race,” Hood said. “I’m talking about using evidence-based solutions. I’m talking about data, and I think that that’s why I’ve been able to show that this is not about anything other than using economic empowerment tools. There are people of all hues that are economically depressed … that’s how I’ve been able to stay true to my mission.”
While Hood speaks the language of economic inclusion, the Trump administration has scaled
Hood — who considered becoming an Episcopal priest before going into banking — argues he is not a spokesperson for the broader administration, and that his north star has remained consistent.
Hood was a familiar face in Washington’s financial regulatory circles long before becoming acting comptroller. The longtime banking executive — who served as vice chair of the National Credit Union Administration under President George W. Bush and later as chair under President Donald Trump — has now worked in three administrations. In between, he held senior roles at Wells Fargo and NationsBank (now Bank of America), focusing on community development and CRA compliance.
While formally independent agencies, regulators today are more beholden to the administration as they’ve been in recent memory. A Trump executive order in February
Hood says Trump’s second term brought a more coordinated and aggressive approach to scaling back financial regulation than the first term. From the outset, the focus was on “right-sizing” the regulatory regime — moving away from rule-heavy frameworks toward a more principles-based, risk-tailored model that emphasized asset size and complexity.
“We’re all looking at ways to reduce regulatory burden without … bringing in anything that proves injurious to the overall safety and well being of the banking system,” Hood said. “So I think there’s greater alignment, and I think there’s greater harmonization amongst all of the agencies.”
Prior to his selection for the Acting regulatory role, Hood says he assisted in advising the administration. Hood served on the transition team before being tapped for the Comptroller role, and said the strategy was to tighten oversight where possible, without compromising the safety and soundness of the banking system.
“I worked with economic policies. I was able to work with different individuals around briefing documents from my old agency, the NCUA,” Hood said. “Going into day one, there was this level of engagement immediately around looking at the health and vitality of the banking system, having alignment. Even before [Trump] was sworn in, there was already the planning, the due diligence around having regulators that could propel the American economy, and especially as it comes to banking.”
Another aspect of the administration’s push to assert greater control over independent financial regulators involved conversations about reining in the regulatory state — including some
Coordination, he says, is more effective, feasible and can ultimately accomplish similar goals.
“I’m not hearing as much about consolidation now. I do think that there were those that had opinions, and I do think that perhaps there were documents … but that was with different levels of engagement,” he said. “Alignment can really yield better results than a consolidation, just because of the timing involved. It’s my understanding that consolidation would perhaps require the imprimatur of Congress, whereas having alignment, it’s getting the right-minded regulators together who share a view that regulation needs to be effective and not excessive.”
Hood pushes back on the idea that bank policy is dictated from above. While there has been a high degree of coordination, he says it has not come at the cost of agency independence.
“The White House has not at all played a part in any of the activities that you’ve seen many of us undertake,” Hood says. “We do meet regularly. But it’s not to say, ‘There’s a policy that you need to adopt.’ It’s more: ‘What are the things that you all are working on? What are the things that make sense [to prioritize]?'”
He frames the engagement as practical, focused on preventing disconnects among regulators. In his view, the result has been positive, creating an unprecedented level of coordination across the regulatory apparatus.
“I think you perhaps have seen greater alignment than I would say that anyone has ever seen,” he said. “I think that shows our banking system that they have a regulatory regime that’s working. It’s highly functioning.”
Hood declined to specify how many employees or programs were affected by staff cuts at the Department of Government Efficiency, but said personnel are continuing to accept deferred resignation offers. Rather than focus on raw numbers, he emphasized the organizational changes he’s led to streamline operations at the OCC. Reporting by Bloomberg
One of the initiatives Hood has implemented is reorganizing the OCC’s examiners into a single Bank Supervision and Examination group. Instead of separate teams by bank size, all examiners now report under one structure, allowing for cross-training and easier teamwork on complex issues while still maintaining focus on specific bank types.
“We’re still going to have a component that looks at the small community banks. We’re going to have a group that looks at [minority depository institutions] and, of course, the large banks and the [Global Systemically Important Banks],” he said. “But [the new structure] is going to be really seamless, and I am really proud of that.”
Hood emphasizes that workforce reorganization at the OCC is a routine, strategic effort, not a reaction to external pressures. He notes that the agency has regularly reassessed its staffing and structure to ensure it has the right people and roles to fulfill its mission efficiently.
Looking ahead, Hood plans to return his focus to promoting homeownership and tech-assisted financial inclusion after leaving office. Drawing on his experience with fintech boards and financial inclusion initiatives, he frames access to credit and homeownership as critical civil rights issues, especially for underserved communities.
“Prior to taking this role, I was on the board of several fintech organizations that helped promote financial inclusion. So don’t be surprised you see me continuing that focus on financial inclusion,” he said. “I believe that it remains a civil rights issue of our time, and I want to continue to involve myself with organizations, whether they be fintechs or not-for-profits that help those 40% of American households who are unable to obtain a $400 loan are helping those 72 million individuals who are credit invisible.”