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House Financial Services Committee Chairman Jeb Hensarling, R-Texas, announced Tuesday that he will not seek re-election next year. Hensarling has been an ardent supporter of credit unions and authored the Financial CHOICE Act, which includes numerous NAFCU-supported regulatory relief measures.

"NAFCU and our members thank Chairman Hensarling for his service and commitment to Dallas credit unions and the industry as a whole," said NAFCU President and CEO Dan Berger. "We appreciate his continued support and recognition of the positive impact credit unions provide to American consumers, communities and the entire U.S. economy. We look forward to working with him through the rest of his chairmanship and wish him all the best in his future endeavors."

Hensarling has served in the U.S. House since 2003; he has chaired the House Financial Services Committee since 2013.

"Today I am announcing that I will not seek reelection to the US Congress in 2018. Although service in Congress remains the greatest privilege of my life, I never intended to make it a lifetime commitment, and I have already stayed far longer than I had originally planned," Hensarling wrote to his supporters.

Hensarling has been the lead on House efforts to revise numerous Dodd-Frank Act provisions, and his bill containing these changes – the Financial CHOICE Act (H.R. 10) – passed the House in June. The bill contains many NAFCU-supported measures that would, among other things, ease some mortgage rules, require a review of appropriate risk capital levels and rein in the CFPB's authorities. His committee has also passed a host of NAFCU-backed stand-alone regulatory relief bills that address Home Mortgage Disclosure Act improvements and tailoring of regulations to limit burdens on affected institutions.