Business of Insurance Regulatory Reform Act of 2017 (H.R. 3746)
Sponsor: Rep. Duffy (R-WI) (4 Co-Sponsors – 2 R, 2 D)
House – 01/18/2018 Ordered to be Reported by the Yeas and Nays: 37 – 18.
This bill amends the Consumer Financial Protection Act of 2010 to revise the authority of the Consumer Financial Protection Bureau (CFPB) over activities regulated by a state insurance regulator. The CFPB may not enforce the Act against any person regulated by a state insurance regulator and offering a consumer financial product or service, to the extent that person is engaged in the business of insurance. If a person engaged in the business of insurance is regulated by a state insurance regulator but otherwise subject to the Act, the CFPB must construe its authority narrowly.
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