Removing Barriers Blog

CUNA Sends Letter of Support for H.R. 3746, the Business of Insurance Regulatory Reform Act

Yesterday, CUNA sent a letter of support to Representatives Sean Duffy and Gwen Moore for their recently introduced legislation, H.R. 3746 – the Business of Insurance Regulatory Reform Act.

If enacted, H.R. 3746 would clarify that Title X of the Dodd-Frank Act exempts insurance business from CFPB authority, and reiterates that regulation of insurance has been delegated to the states.

In the letter, CUNA cites the CFPB’s recent short-term, small-dollar loan proposal as including insurance products such as credit insurance, into the loan calculation of annual percentage rate.

The Dodd-Frank Act did not provide the CFPB authority to regulate insurance products. The CFPB's actions in this area have created uncertainty and present serious due process concerns.

CUNA appreciates their efforts to clarify the CFPB’s authority with respect to persons regulated by a State insurance regulator and looks forward to working with them to pass this legislation.