Why Should I Vote On BetterDistricts?

Polling is a powerful tool to help our elected officials determine how they should vote.

Standard polling methods don't give you the control that you deserve. With BetterDistricts you can show your representative exactly how strongly a bill is supported in your community.

Send a clear signal on how you want your government to work.

 

H.R. 3746 - Business of Insurance Regulatory Reform Act of 2017

Introduced: 2017-09-12
Bill Status: Placed on the Union Calendar, Calendar No. 513.
 

Business of Insurance Regulatory Reform Act of 2017

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.

Full Text


115th CONGRESS
1st Session
H. R. 3746


    To amend the Consumer Financial Protection Act of 2010 to clarify the authority of the Bureau of Consumer Financial Protection with respect to persons regulated by a State insurance regulator, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

September 12, 2017

    Mr. Duffy (for himself and Ms. Moore) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

    To amend the Consumer Financial Protection Act of 2010 to clarify the authority of the Bureau of Consumer Financial Protection with respect to persons regulated by a State insurance regulator, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Business of Insurance Regulatory Reform Act of 2017”.

SEC. 2. Clarification to the authority of the Bureau with respect to persons regulated by a State insurance regulator.

Section 1027(f) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5517(f)) is amended—

(1) in paragraph (2)—

(A) by striking “Description of activities.—Paragraph (1)” and inserting “Exceptions.—

“(A) Authority.—Paragraph (1)”; and

(B) by inserting after subparagraph (A) (as added by this Act) the following new subparagraph:

“(B) LIMITATION.—With respect to a person regulated by a State insurance regulator—

“(i) and if such person is offering or providing a consumer financial product or service, the Bureau may not enforce this title with respect to such person to the extent such person is engaged in the business of insurance; or

“(ii) and if such person is subject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H, the authority of the Bureau to enforce such law with respect to such person shall be narrowly construed to the extent such person is engaged in the business of insurance.”; and

(2) by adding at the end the following new paragraph:

“(4) RULE OF CONSTRUCTION.—The enforcement of this title shall be broadly construed in favor of the authority of a State insurance regulator with respect to a person regulated by a State insurance regulator.”.


Relevant News Stories And Blog Posts

Title Worth Reading

Vote on H.R. 3746

 

Activity in last 30 days