Consumer Financial Protection Agency to exclude insurance
Thirteen insurance trade groups are seeking changes to exclude mortgage, title and credit insurance from the remit of the proposed Consumer Financial Protection Agency, Dow Jones reports.
The agency, as proposed by House Financial Services Chairman Barney Frank, would have oversight over all consumer credit products, including mortgages and credit cards, but not over securities and most insurance products. But Mortgage, title and credit insurance are explicitly covered,.
The agency would write rules protecting consumers and banning certain practices. Insurers largely escaped being covered by the agency in legislative drafts and are lobbying to make sure they are excluded entirely.
"Inclusion of insurance products will result in a duplicative regulatory regime with insurers, producers and consumers caught in the middle," the groups wrote.
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