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.
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.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 37 - 18.
Reported by the Committee on Financial Services. H. Rept. 115-668.
Reported by the Committee on Financial Services. H. Rept. 115-668.
Placed on the Union Calendar, Calendar No. 513.
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