Consumer Agency Warned to Avoid Insurance in Bipartisan Bill (1)

The Consumer Financial Protection Bureau would be reminded to stay out of regulating the insurance business under new legislation from a bipartisan group of lawmakers.

The Business of Insurance Regulatory Reform Act, introduced Tuesday by Sens. Tim Scott (R-S.C.), the top Republican on the Senate Banking Committee, and Joe Manchin (D-W.Va.), would specifically bar the CFPB from regulating and bringing enforcement actions against insurance activities subject to oversight by state insurance commissioners.

The reintroduced measure is intended to stop what lawmakers see as the CFPB’s overreach into the insurance industry—and continues a recent trend of legislation and litigation pushing back ...