WASHINGTON (8/1/12)--Credit unions are losing a champion with Rep. Steve LaTourette's (R-Ohio) decision to retire from the House of Representatives once his current term expires, said Credit Union National Association (CUNA) Executive Vice President John Magill. LaTourette announced late Monday that he would not seek re-election after nine terms in the House.
"Steve will long be remembered by credit unions for the bold role he took, as a second-term congressman, when he sponsored the 1998 Credit Union Membership Access Act (H.R. 1151), which preserved the right of consumers to join credit unions.
"His leadership was one of the keys to victory in that battle," Magill said.
LaTourette cited the lack of congressional compromise as one reason behind his decision to retire.
The congressman joined fellow credit union champion, former Rep. Paul Kanjorski (D-Pa.), as a lead sponsor of H.R. 1151.
More recently, LaTourette supported legislation that would have delayed the effective date of debit interchange fee cap regulations. Also over his tenure, he has supported the Credit Union Regulatory Improvements Act, credit union share insurance increase legislation and CUNA-backed data security legislation.
The legislator will officially notify state Republican officials of his decision to retire on Aug. 8, several news outlets reported. The timing will allow state authorities to appoint a candidate for this fall's election, avoiding a special primary.
The eventual Republican candidate will face Democrat Dale Blanchard this November. The winner of that election will represent Ohio's 14th congressional district, which is in the northeast corner of the state.