119-s2419

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2419 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 2419

 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 SENATE OF THE UNITED STATES

 July 23, 2025

 Mr. Scott of South Carolina (for himself, Mr. Rounds, Ms. Lummis, Mr. 
Ricketts, and Mr. Moreno) introduced the following bill; which was read 
 twice and referred to the Committee on Banking, Housing, and Urban 
 Affairs

_______________________________________________________________________

 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 2025''.

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) in the paragraph heading, by striking 
 ``Description of activities'' and inserting 
 ``Exceptions'';
        (B) by striking ``Paragraph

    (1) '' and inserting the 
 following:
 ``
        (A) Authority.--Paragraph

    (1) ''; and
            (C) by inserting after subparagraph
        (A) , as so 
 designated, the following:
 ``
        (B) Limitation.--With respect to a person 
 regulated by a State insurance regulator--
 ``
            (i) if that person is offering or 
 providing a consumer financial product or 
 service, the Bureau may not enforce this title 
 with respect to that person to the extent that 
 the person is engaged in the business of 
 insurance; or
 ``
            (ii) if that 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 that 
 law with respect to that person shall be 
 narrowly construed to the extent that the 
 person is engaged in the business of 
 insurance.''; and

    (2) by adding at the end the following:
 ``

    (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 the 
 State insurance regulator.''.
 <all>