Senate Banking Hears from Six Financial Services Nominees, Hood Still Waiting

WASHINGTON-The Senate Banking Committee, chaired by Senator Richard Shelby (R-Ala.), took the bulk of the day July 26 for hearings on presidential nominees to various positions in government. John C. Dugan had been nominated to head up the Office of the Comptroller of the Currency. Federal Deposit Insurance Corporation Vice Chair John M. Reich was nominated to director of the Office of Thrift Supervision. Senior staffer to Senator Paul Sarbanes (D-Md.) Martin J. Gruenberg was nominated to replace Reich on the FDIC Board. In the morning panel, the committee heard from three nominees for the Securities and Exchange Commission. Congressman Christopher Cox (R-Calif.) was nominated as chairman, while Roel C. Campos and Annette L. Nazareth were nominated as commissioners. A vote on the nominees was expected for last Thursday, after deadline. It was anticipated that all would be confirmed. NCUA Board nominee Rodney Hood is still awaiting a confirmation hearing. Those close to the confirmation process have said the committee is likely waiting for a Democratic nominee to come forward and run the two through together. Shelby Press Secretary Virginia Davis told Credit Union Times, “Senator Shelby is hopeful the committee will be able to consider his nomination and others that are ready to be acted upon after the August recess.” Democratic NCUA Board Member Debbie Matz’s term is up Aug. 2. GiGi Hyland, general counsel at Empire Corporate, appears to be the front-runner for the Democratic slot. With Matz’ term just ending and former NCUA Chairman Dennis Dollar’s seat with less than four years left on the term, Hood will likely be seated to the full six-year term.