HR 4735
Business of Insurance Regulatory Reform Act of 2025
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Bill overview
This bill modifies the Consumer Financial Protection Act of 2010 to clarify the Bureau of Consumer Financial Protection’s (CFPB) authority when dealing with entities regulated by state insurance regulators. Specifically, it limits the CFPB’s ability to enforce certain consumer financial laws against companies primarily involved in the insurance business. The bill also establishes a rule of construction favoring state insurance regulators in enforcement actions related to these companies. This aims to prevent duplication of regulatory efforts and ensure consistent oversight.
Key provisions
- Clarifies the CFPB’s authority regarding insurance-related activities.
- Limits the CFPB’s enforcement power over companies primarily engaged in the business of insurance.
- Establishes a rule of construction favoring state insurance regulators.
- Addresses potential conflicts between federal and state insurance regulations.
Who is affected
- The Bureau of Consumer Financial Protection (CFPB)
- State insurance regulators
- Companies operating in the insurance industry
- Consumers of financial products and services
Notable changes
- Restricts the CFPB’s enforcement authority over insurance businesses.
- Provides a preference for state insurance regulators in enforcement actions.
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119th CONGRESS — 1st Session
H. R. 4735
IN THE HOUSE OF REPRESENTATIVES
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.
This Act may be cited as the Business of Insurance Regulatory Reform Act of 2025
.
Section 1027(f) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5517(f)) is amended—
in paragraph (2)—
by striking Description of activities.—Paragraph (1)
and inserting:
Exceptions.—
by inserting after subparagraph (A) (as added by this Act) the following new subparagraph:
by adding at the end the following new paragraph: