Sec. 2. Clarification to the authority of the Bureau with respect to persons regulated by a State insurance regulator
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Section 1027(f) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5517(f) ) is amended— in paragraph (2)— by striking and inserting: Description of activities.— Paragraph
(1)Exceptions.— Paragraph
(1); and by inserting after subparagraph
(A)(as added by this Act) the following new subparagraph: With respect to a person regulated by a State insurance regulator— 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 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 by adding at the end the following new paragraph: 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. .
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Sec. 2
Clarification to the authority of the Bureau with respect to persons regulated by a State insurance regulator
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