Lawmakers have revived efforts to keep the Consumer Financial Protection Bureau from trying to regulate the insurance activities of companies or individuals that are under the jurisdiction of state insurance regulators.
The bill, the Business of Insurance Regulatory Reform Act of 2024, would also require the CFPB to construe its authority narrowly if it were trying to regulate the insurance activities of persons that are clearly subject to its enforcement authority.
Sens. Tim Scott, R-S.C., and Joe Manchin, D-W. Va., reintroduced the bill in the Senate. Rep. Bryan Steil, R-Wis., reintroduced the bill in the House.
At press time, the bill did not yet have a bill number.
What it means: The CFPB continues to face resistance in Congress to any efforts to oversee the business of insurance.
The history: Congress created the CFPB in the wake of the 2007-2009 Great Recession, in the Dodd-Frank Wall Street Reform Consumer Financial Protection Act of 2010.
Lawmakers have repeatedly introduced bills designed to keep the bureau from expanding its reach.
Bills similar to the new bill were introduced in the 2017-2018 Congress, as S. 2702 and H.R. 3746, and in the 2019-2020 Congress as S. 4325.
