WASHINGTON—House Foreign Affairs Committee Chairman and credit union champion Ed Royce (R-CA)–a long-time supporter of credit unions–has announced that he will not seek re-election next year.
Royce is a senior member of the House Financial Services Committee and a chief sponsor of the Credit Union Residential Loan Parity Act (HR 389) in the current Congress.
HR 389 would exempt certain residential loans from credit unions' federal statutory cap on member business lending.
NAFCU noted that Royce has spoken numerous times at the trade association’s Congressional Caucus and has acted as a strong advocate for providing credit unions with regulatory relief, sponsoring a number of credit union-specific bills over his years in Congress.
"We appreciate all the work Chairman Royce has done in Congress and for his recognition of the value credit unions provide to consumers and the American economy," said NAFCU President and CEO Dan Berger. "NAFCU looks forward to working with him for the duration of the year, and we wish him all the best in his future endeavors."
Royce has served in the U.S. House since 1992.
"Every day, it’s my mission to fight for freedom, opportunity and a limited government," Royce said in a statement. "We’ve achieved commonsense tax and regulatory reforms to help small businesses and middle-class families realize their American dream."