H.R. 3746 — Reported in House

IB Union Calendar No. 513 115th CONGRESS 2d Session H. R. 3746 [Report No. 115–668] IN THE HOUSE OF REPRESENTATIVES September 12, 2017 Mr. Duffy (for himself and Ms. Moore) introduced the following bill; which was referred to the Committee on Financial Services May 10, 2018Additional sponsors: Mrs. Wagner, Mr. Perlmutter, and Mr. Messer May 10, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed 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. 1. Short title This Act may be cited as the Business of Insurance Regulatory Reform Act of 2017. 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) by striking Description of activities.—Paragraph (1) and inserting Exceptions.— (A) Authority Paragraph (1) ; and (B) by inserting after subparagraph (A) (as added by this Act) the following new subparagraph: (B) Limitation With respect to a person regulated by a State insurance regulator— (i) and if such person is offering or providing a consumer financial product or service, the Bureau may not enforce this title with respect to such person to the extent such person is engaged in the business of insurance; or (ii) and if such 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 such law with respect to such person shall be narrowly construed to the extent such person is engaged in the business of insurance. ; and (2) by adding at the end the following new paragraph: (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 a State insurance regulator. . May 10, 2018Committed to the Committee of the Whole House on the State of the Union and ordered to be printed