Rep. Ed Royce (R-Calif.), who, as a member of the Financial Services Committee has sponsored major credit union-related legislation, has announced he will not seek reelection this year.
Royce, chairman of the House Foreign Affairs Committee, is “term limited” from serving as head of the committee in the next Congress.
“In this final year of my Foreign Affairs Committee chairmanship, I want to focus fully on the urgent threats facing our nation,” Royce said, in announcing his retirement.
First elected in 1992, Royce has sponsored legislation that would remove loans for the purchase of non-owner-occupied buildings of one to four dwellings from credit union member business loan caps. He also has pushed for other increases in Member Business Loan caps.
He also has lobbied the CFPB to exempt credit unions from more agency rules.
Credit union advocates cited Royce’s work on their behalf.
“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.
“From his very first day in Congress, you knew that Ed Royce was going to be a champion for credit unions,” said John McKechnie, senior partner at Total Spectrum. “His steadfast support for us was obvious, particularly as an advocate for modernizing the ability of credit unions to serve small businesses.”
