Bipartisan Bill Warns Consumer Agency to Avoid Insurance (1)
Tata Consumer Share Price :1 Bipartisan Bill Warns Insurance
- CFPB’s authority to regulate insurance companies is already limited.
- Lawmakers say an agency has been focusing on insurance products lately.
A bipartisan group of lawmakers would introduce new legislation reminding the Consumer Financial Protection Bureau to refrain from regulating the insurance industry.
Sens. Tim Scott (R-S.C.), the ranking Republican on the Senate Banking Committee, and Joe Manchin (D-W.Va.) introduced the Business of Insurance Regulatory Reform Act on Tuesday.
It would expressly prohibit the CFPB from regulating or taking enforcement action against insurance activities that are under the state insurance commissioners’ supervision.
The reintroduced bill aims to halt the CFPB’s alleged overreach into the insurance sector, continuing a recent pattern of legislative and legal action pushing back…
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