Senate, House bills would clarify CFPB supervision of insurance
America’s Credit Unions wrote Senate Banking Committee Ranking Member Tim Scott, R-S.C., and Sen. Joe Manchin, D-W.Va., along with Rep. Bryan Steil, R-Wis., to offer support for their bipartisan Business of Insurance Regulatory Reform Act, which would help to ensure that the CFPB does not expand its authority under the Consumer Financial Protection Act.
The bill would amend the Consumer Financial Protection Act to revise the authority of the CFPB over activities regulated by a state insurance regulator and exempt the business of insurance from overview by the bureau.
“The Business of Insurance Regulatory Reform Act would provide needed clarity to ensure that states’ right to regulate insurance is explicit,” wrote America’s Credit Unions President/CEO Jim Nussle. “Your legislation is necessary because despite the CFPB exemption, there have been certain instances where the CFPB has seemingly overstepped its jurisdictional authority, which would create immense uncertainty.”
“We are grateful for Senator Tim Scott’s leadership in working to clearly define the regulatory limits and authority of the Consumer Financial Protection Bureau over the business of insurance,” said Dan Schline, president/CEO of the Carolinas Credit Union League. “On behalf of behalf of credit unions serving the Carolinas, and their nearly seven million members, we thank Senator Scott, Senator Machin, and Congressman Steil for their efforts on this issue.”
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