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Senate Bill Would Curtail CFBP on Insurance

A bipartisan group of four senators recently introduced legislation to prevent the Consumer Financial Protection Bureau from regulating insurance, which is overseen by state insurance regulators...
May 1, 2018

A bipartisan group of four senators recently introduced legislation to prevent the Consumer Financial Protection Bureau (CFPB) from regulating insurance, which is overseen by state insurance regulators. U.S. Sen. Tim Scott (R-S.C.) said, “Congress never intended for the CFPB to be an insurance regulator, and this bipartisan, common-sense bill ensures that our 150-year old system of state-based insurance regulation stays in place while keeping costs down for policyholders of all kinds.” The House Financial Services Committee passed similar legislation in January.