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119-s-2419119th CongressWALLET

Business of Insurance Regulatory Reform Act of 2025

Sponsored By: Senator Scott, Tim [R-SC]

Introduced

Summary

This bill would narrowly restrict the Consumer Financial Protection Bureau's ability to enforce federal consumer-finance rules against entities when they are acting in the business of insurance, strengthening state insurance regulators' primacy. It would also make clear the CFPB still has authority over non-insurance consumer financial products and services and that any federal enforcement must be interpreted narrowly when state insurance regulation applies.

Show full summary
  • State insurance regulators and insurers: Would shift enforcement power toward State insurance regulators by saying the CFPB may not enforce federal consumer-finance rules to the extent a person is engaged in the business of insurance.
  • Firms offering both insurance and other financial products: Would remain subject to CFPB enforcement for non-insurance activities, but CFPB authority over insurance-related activity would be limited and narrowly construed.
  • Consumers: Would see insurance-related consumer protections more often enforced by State insurance regulators, while federal protections would still apply for non-insurance consumer financial services.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 1 costs, 0 mixed.

Limit federal oversight of insurers

This bill would limit the CFPB's ability to enforce this law against companies a State insurance regulator oversees. The limit would apply only when the company is engaged in the business of insurance. It would narrow CFPB enforcement for consumer laws specifically listed in the bill. It would also narrow enforcement for laws transferred under subtitle F or subtitle H. CFPB could still enforce federal consumer rules for non-insurance activities by those firms. If enacted, this could shift more enforcement power to State insurance regulators and reduce federal oversight of insurance-related products.

Sponsors & CoSponsors

Sponsor

Scott, Tim [R-SC]

SC • R

Cosponsors

  • Sen. Rounds, Mike [R-SD]

    SD • R

    Sponsored 7/23/2025

  • Sen. Lummis, Cynthia M. [R-WY]

    WY • R

    Sponsored 7/23/2025

  • Sen. Ricketts, Pete [R-NE]

    NE • R

    Sponsored 7/23/2025

  • Sen. Moreno, Bernie [R-OH]

    OH • R

    Sponsored 7/23/2025

  • Sen. Britt, Katie Boyd [R-AL]

    AL • R

    Sponsored 7/28/2025

Roll Call Votes

No roll call votes available for this bill.

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