WASHINGTON-Several financial services nominations flew through the confirmation process prior to the Congress’ August recess, but NCUA nominee Rodney Hood’s confirmation is still waiting in the wings. Hood was nominated May 10 for the seat formerly occupied by then-NCUA Chairman Dennis Dollar. Dollar vacated the seat more than a year ago and his term was up more than a year before that. On top of that, NCUA Board Member Debbie Matz’ term expired Aug. 2. Matz has said she is unsure about her professional future at this point but will probably seek work in the private sector after working in the government for more than 25 years. She probably will not have to seek another job too quickly as NCUA Board members of late have served well beyond their official terms. This time could prove different as Hood, a U.S. Department of Agriculture official, has already been nominated to the NCUA Board and speculation among sources in the know is that Hood, a Republican, and the Democratic nominee will likely go through the confirmation process together. GiGi Hyland, general counsel at Empire Corporate Credit Union, is the Democratic front-runner for the board, sources have said. However, Hood will likely be seated to the full six-year term and Hyland would get what is left of the term on former NCUA Chairman Dennis Dollar’s seat: less than four years. Senate Banking Committee Chairman Richard Shelby (R-Ala.) has indicated he is “hopeful” the committee will act on Hood’s and other nominations after Labor Day, when the August recess is over. NCUA Chairman JoAnn Johnson has two years left to her term. In related news, the Senate Banking Committee was able to dispatch with a number of other financial services nominees. Martin Gruenberg, a senior staffer with retiring Senate Banking Committee Ranking Member Paul Sarbanes (D-Md.), was confirmed as vice chairman of the Federal Deposit Insurance Corporation. Former FDIC Vice Chairman John Reich was confirmed as director of the Office of Thrift Supervision and John C. Dugan was confirmed as comptroller of the currency. All three will serve on the FDIC Board. “Each of these accomplished individuals brings a unique perspective and a broad range of experience to the FDIC Board of Directors,” FDIC Chairman Don Powell commented. Treasury Secretary John Snow welcomed Reich and Dugan, as OTS and the OCC are under the Treasury Department, as well as Deputy Secretary Robert Kimmitt, Under Secretary for International Affairs Tim Adams, Under Secretary for Domestic Finance Randal Quarles, Assistant Secretary for Intelligence and Analysis Janice Gardner, Assistant Secretary for Legislative Affairs Kevin Fromer, and Assistant Secretary for Management Sandra Pack, “Priorities ranging from preserving and strengthening Social Security for future generations, to reforming the tax code, to disrupting the financial underpinnings of terrorist networks and other national security threats, are critical to keeping our country on the current upward path of economic growth and job creation,” Snow remarked. “I look forward to working with them to ensure economic security and prosperity for the American people, and I commend the tremendous staff at the Treasury Department for their hard work over the past months.” President George W. Bush has also nominated Emil W. Henry, Jr. for assistant secretary of the Treasury for financial institutions, replacing Wayne Abernathy who joined the American Bankers Association earlier this year. -firstname.lastname@example.org
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