The new, acting head of the Office of the Comptroller of the Currency (OCC) on Tuesday said the agency had formally withdrawn from the international Network of Central Banks and Supervisors for Greening of the Financial System.
Now, all three banking regulators – the OCC, Federal Deposit Insurance Corp. (FDIC), and Federal Reserve – have pulled out of the group of central banks and supervisors working voluntarily, among other things, on ways to contribute to the development of environment and climate risk management in the financial sector.
Rodney Hood, named last week to be the agency’s acting comptroller (replacing Michael Hsu), said the OCC’s primary mission is to ensure bank and savings association safety and soundness. “Participation in the Network of Central Banks and Supervisors for Greening the Financial System extends well beyond the OCC’s statutory responsibilities and does not align with our regulatory mandate,” Hood said in a statement Tuesday. “Therefore, effective immediately, the OCC has formally withdrawn from this international organization.
“While severe weather events may be a broader societal concern, they do not fall within the OCC’s statutory mandate. Going forward, the OCC’s focus must singularly remain on fulfilling our core mission,” he said.
Hood’s designation by Treasury Secretary Scott Bessent as acting comptroller was announced by the OCC Feb. 7 and took effect this Monday.
Hood was confirmed twice by the Senate to serve on the National Credit Union Administration (NCUA) Board – in 2005 and later in 2019 – and was named the agency board chairman in 2019 by then-President Donald Trump (R). His bio from the OCC noted that Hood, while at the NCUA, also served as a voting member of the Financial Stability Oversight Council (FSOC), chairman of NeighborWorks America’s board, and as vice chairman of the Federal Financial Institutions Examination Council (FFIEC).
“Before public service, Mr. Hood held senior roles in retail finance, commercial banking, affordable housing, and community development in the private sector,” it said. It noted also that Hood, a North Carolina native, holds a bachelor’s degree from the University of North Carolina at Chapel Hill.
Acting Comptroller Issues Statement on OCC’s Withdrawal from International Climate Organization
Rodney E. Hood Announced as Acting Comptroller of the Currency
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