The U.S. Senate Committee on Banking, Housing and Urban Affairs released a majority statement announcing that Chair Tim Scott and senators Mike Rounds, Cynthia Lummis, Pete Ricketts, and Bernie Moreno have reintroduced the Business of Insurance Regulatory Reform Act to clarify the Consumer Financial Protection Bureau’s jurisdiction and reinforce the primacy of state-based insurance regulation. The legislation is framed as reaffirming that the “business of insurance” is outside the CFPB’s remit under Title X of the Dodd–Frank Wall Street Reform and Consumer Protection Act, consistent with state authority preserved under the McCarran-Ferguson Act, and as confirming that enforcement involving state-regulated insurance entities remains with state regulators rather than the CFPB. Companion legislation is being led in the U.S. House of Representatives by Congressman Bryan Steil, and multiple insurance, financial services, credit union, and business trade groups are cited as supporting the bill.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-07-25
U.S. Senate Committee on Banking, Housing and Urban Affairs backs reintroduced bill to curb CFPB authority over insurance and reaffirm state regulation
The U.S. Senate Committee on Banking, Housing and Urban Affairs reintroduced the Business of Insurance Regulatory Reform Act to clarify the Consumer Financial Protection Bureau's jurisdiction and reinforce state-based insurance regulation. The legislation asserts that the "business of insurance" is outside the CFPB's remit under Title X of the Dodd–Frank Act, aligning with the McCarran-Ferguson Act. Companion legislation is led in the U.S. House by Congressman Bryan Steil, supported by various trade groups.