WASHINGTON—Support for the Business of Insurance Regulatory reform Act—which seeks to limit the CFPB from expanding its authority under the Consumer Financial Portion Act—has been expressed in a new letter to Congress from America’s Credit Unions.
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.”
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