Duffy and Moore introduce bill to limit CFPB's authority to regulate insurance business

This story appeared in Bank Digest.                                  

Representatives Sean Duffy (R-Wis) and Gwen Moore (D-Wis) have introduced the Business of Insurance Regulatory Reform Act, which would limit the jurisdiction of the Consumer Financial Protection Bureau in regulating the insurance business. According to Duffy's press release, the CFPB is prohibited under the Consumer Financial Protection Act from regulating the "business of insurance," but the Bureau has nevertheless "demonstrated an interest in insurance products and has pushed the boundaries of its own authority by regulating products that fall under the purview of state insurance regulators."