CFPA - Consumer Financial Protection Agency

  • 2009 1023 - InvestmentNews - Insurance advocates laud changes to Consumer Financial Protection Agency Act - [link]
    • Members of the insurance industry are applauding an amendment to the Consumer Financial Protection Agency Act of 2009 that eliminates a section that would have given the agency oversight of some insurance products.
    • “We simply do not need to institute duplicative policies,” Ms. Moore said in a statement. “Furthermore, this bill is not intended to regulate insurers; it is meant to protect consumers in their relationships with lenders and credit providers.”
    • Whit Cornman, spokesman for the American Council of Life Insurers, also hailed the changes.
      • “We have always maintained that for the life insurance industry, effective consumer protections require that solvency regulation and product design reside with the same regulator,” he said.
      • “Rep. Moore’s amendment is recognition of this need and of the protections that are already in place for life insurance consumers.”
  • 2010 - JIR / NAIC - Reforming Insurance Regulation: Where Do We Start?, by Patricia H. Born and Andreas Richter - 23p
  • 2010 - JIR / NAIC - Reforming Insurance Regulation: Where Do We Start?, by Patricia H. Born and Andreas Richter - 23p
    • Under the leadership of Chairman Barney Frank [D-Mass], that body passed three major pieces of regulatory reform.
      • ..............
      • These three pieces of legislation were combined into the Wall Street Reform and Consumer Protection Act of 2009,23 which was passed by the House of Representatives (223-202) on Dec. 11, 2009
    • Consumer Financial Protection Agency (CFPA) Act of 200918
      • The NAIC argued that separating consumer protection from capital and solvency standards for these lines would be a bad idea.
      • The NAIC worked with Representatives Gwen Moore (D-Mich.) and Erik Paulsen (R-Minn.) on a successful amendment to ensure that state regulators’ authority was not curtailed, unnecessarily duplicated, or subject to regulatory arbitrage with a competing federal regulator.
    •  Financial Stability Improvement Act of 200919 proposed to establish a Financial Services Oversight Council20...
      • NAIC commissioners and staff worked with Representatives Moore and Jackie Speier (D-Calif.) on an amendment to protect the receivership authority that state regulators of insurance have over failing insurance companies—unlike bankruptcy or the new resolution proposal, state receivership prioritizes consumers.
    • Federal Insurance Office (FIO) Act of 2009,21
      • ...which was perhaps the biggest focus of the NAIC’s work this fall.
      • We approached this proposal with the basic belief that the federal government needs to have better knowledge and information on the insurance sector as a critical component of our economy,