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Tuesday, May 14, 2013

ABIA Report Assesses CFPB's Insurance Authority

The CFPB may be taking “an expansive view of its authorities” over financial service providers, an outside counsel report from ABA’s American Bankers Insurance Association subsidiary said yesterday.

The Dodd-Frank Act carves out from CFPB jurisdiction entities subject to state-level insurance regulation. However, the report said, the CFPB is employing exceptions for service providers and data-gathering purposes that “essentially undo the protections afforded to insurers and insurance agencies to the extent their products are sold in connection with consumer financial products or services.”

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