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Insights
Company Announcement
ModernFi Welcomes Rodney Hood, Former NCUA Chairman, to Its Board as It Launches the First Deposit Network for Credit Unions
May 15, 2024
ModernFi, the leading technology provider for deposit management, is delighted to announce that the Honorable Rodney E. Hood has joined the firm as a Board Observer and Advisor. The ModernFi team is honored to work alongside Mr. Hood as the company brings a modern deposit network solution to credit unions for the first time, supporting the safety and soundness of the credit union ecosystem. As the former Chairman of the National Credit Union Administration (NCUA), Mr. Hood brings a deep range of experience and industry knowledge to the ModernFi team.
Through ModernFi’s network, credit unions can grow, retain, and manage their deposit base by sourcing deposits, sweeping funds, and providing extended insurance to members exclusively through other program credit unions. While deposit networks have been utilized by banks for decades to address these needs, no dedicated network for credit unions previously existed. ModernFi’s partnership with Mr. Hood comes at a critical moment for the credit union ecosystem, which will now have access to these products for the first time.
“I certainly believe in the strength of the important role that credit unions play in touching the lives of nearly 138 million members throughout the United States,” said Mr. Hood. “While credit unions have strength in numbers and assets, the events around Silicon Valley Bank and the current interest rate environment have led to liquidity and depository pressure throughout the ecosystem. This is why I am so delighted to be on the advisory board with ModernFi whose financial technology is providing credit unions with a best-in-class opportunity for reciprocal deposits. As a former safety and soundness regulator, what ModernFi is doing is bringing credit unions another tool to add to the strength, safety, and vitality of the credit union ecosystem.”
“It is an honor to have Rodney join the ModernFi team,” said Paolo Bertolotti, CEO of ModernFi. “Rodney’s advocacy for the vitality of the credit union ecosystem as well as the utilization of technology to further financial inclusion and growth is unparalleled. His work and outlook align exceptionally well with ModernFi’s vision to empower credit unions of all sizes and designations to better support their members. We are thrilled to partner with Rodney to bring to life the first deposit network for the sector and support the scale, diversity, and impact of credit unions across the country.”
Mr. Hood is the immediate past Chairman and former Board Member of the National Credit Union Administration, bringing a wealth of credit union industry experience to ModernFi. Mr. Hood served as the Chairman from April 2019 to January 2021. Mr. Hood also serves on the Board of Directors of NeighborWorks America. Mr. Hood was previously nominated to the NCUA Board and served as Vice Chairman from November 2005 to August 2009.
Prior to his time as NCUA Chairman, Mr. Hood worked at JPMorgan Chase as a corporate responsibility manager focused on managing national partnerships to promote financial inclusion and shared prosperity in underserved communities. His previous public sector experience includes serving as associate administrator of the Rural Housing Service at the U.S. Department of Agriculture. Mr. Hood has also served as a marketing director and group sales manager for the North Carolina Mutual Life Insurance company, the national director of Emerging Markets Group for Wells Fargo Home Mortgage, and as a Community Reinvestment Act officer for Bank of America.
Mr. Hood holds a bachelor’s degree in business, communications, and political science from the University of North Carolina at Chapel Hill where he has since been actively involved as a board member. Mr. Hood has served as a member of the University of North Carolina at Chapel Hill Board of Visitors and as member of the UNC School of Arts Board of Trustees. He also served as a member of the Board of Trustees for the North Carolina Museum of Art and as a member of the Board of Governors for the University of North Carolina College System.
Mr. Hood joins former J.P. Morgan Chase CIO and Treasurer John Horner, Coinbase Head of Solutions Architecture Ryan Nitz, and General Manager of Helix by Q2 Ahon Sarkar as members of ModernFi’s existing Advisory Board.
About ModernFi
ModernFi empowers financial institutions of all sizes to better serve their communities. Through ModernFi, financial institutions can grow, retain, and manage their deposit base by sourcing deposits, sweeping funds, and providing additional security to members. Founded by a team of veterans from technology and finance, the firm provides financial institutions with end-to-end deposit management built on a modern tech stack and a foundation of compliance. Learn more at ModernFi.com
Disclosures:
All information contained herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, solicitation or recommendation to purchase any security, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Past performance does not guarantee future results. The information contained herein is for institutional use only.
ModernFi Advisers LLC (ModernFi) is not a bank, nor does it offer bank deposits and its services are not guaranteed or insured by the FDIC; ModernFi allocates funds to banks that are FDIC members.
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