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Business of Insurance Regulatory Reform Act of 2025
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.
Summary
This bill amends the Consumer Financial Protection Act to limit the authority of the Bureau of Consumer Financial Protection over entities regulated by state insurance regulators. The bill specifies that the Bureau cannot enforce consumer financial protection laws with respect to insurance-regulated persons who are engaged in the business of insurance. For insurance-regulated entities subject to other federal consumer laws, the Bureau's enforcement authority must be narrowly construed to the extent those entities are engaged in insurance activities. The bill also establishes that enforcement of the law shall be broadly construed in favor of state insurance regulators' authority over their regulated entities.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Scott, Tim [R-SC] (R-SC)
5 cosponsors
- Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Sen. Lummis, Cynthia M. [R-WY] (R-WY)
- Sen. Moreno, Bernie [R-OH] (R-OH)
- Sen. Ricketts, Pete [R-NE] (R-NE)
- Sen. Rounds, Mike [R-SD] (R-SD)
Actions (2)
- Jul 23, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Jul 23, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
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>
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