Duffy Co-Introduces Bipartisan CFPB Reform Bill
Washington DC – Wisconsin Congressman Sean Duffy, chairman of the House Financial Services Subcommittee on Housing & Insurance, today alongside Rep. Gwen Moore (D-WI), co-introduced the Business of Insurance Regulatory Reform Act to reform a component of the Consumer Financial Protection Bureau.
Specifically, the Business of Insurance Regulatory Reform Act:
• Clarifies the business of insurance in the Consumer Financial Protection Act of 2012 by defining exceptions and limitations as to jurisdiction of the CFPB.
• Limits jurisdiction of CFPB and reaffirms that enforcement is broadly construed in favor of the authority of the State insurance regulator.
• Jurisdiction to be limited includes any person providing a consumer financial product or service when that person is engaged in the business of insurance.
Under Sec. 1027(f) of the Consumer Financial Protection Act, the Consumer Financial Protection Bureau (CFPB) is prohibited from regulation the “business of insurance.” Despite the prohibition under current law, the CFPB has demonstrated an interest in insurance products and has pushed the boundaries of its own authority by regulating products that fall under the purview of state insurance regulators.