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House Financial Services subcommittee Chairman Randy Neugebauer, R-Texas, announced on Thursday he would not seek reelection in 2016.

Neugebauer, who is the chairman of the Subcommittee on Financial Institutions and Consumer Credit, spoke at NAFCU's Congressional Caucus earlier in the day, where he discussed his NAFCU-backed "Data Security Act" (H.R. 2205), which would create a strong national data security standard for retailers.

In his statement, Neugebauer said: "Every two years, the American people decide who they want to represent them in the ‘People's House.' I have asked for that honor seven times, you have overwhelmingly given me that opportunity each time, and I thank you for that. After much thought and prayer, I have decided not to seek re-election in 2016." Neugebauer said he wanted to spend more time with family.

NAFCU President and CEO Dan Berger expressed his appreciation for Neugebauer's long-standing support for credit unions and for NAFCU's advocacy mission, saying: "We sincerely appreciate Chairman Neugebauer's many accomplishments and his staunch dedication to the credit union cause. We look forward to continuing to work with him on data security and other crucial issues during the remainder of his term."