Insurers fearing the regulatory reach of a new consumer protection agency can breathe a sigh of relief.
The
Insurers weren’t the only industries slipping the noose as retailers, auto dealers, community banks and lawyers also scored exemptions.
Earlier in the week, the prospect of insurers coming under CFPA authority created a palpable sense of unease at annual conference of the
Even with little bipartisan support, Cohen predicted the measure was more likely to become law than other attempts at revamping financial services regulation because the topic was more comprehensible to the layman than, say, derivatives or an optional federal charter. “This is going to be a tough battle,” he said. “This has resonance with the average voter.”
Karen Shaff EVP and general counsel Des Moines, Iowa-based
Shaff said that during the debate over the legislation, Frank acknowledged the futility of trying to force business to sell products against their wishes. Years earlier, when a local ordinance forced bars in his district to offer food as well as drink, Frank recalled that recalcitrant bar owners merely placed a purely perfunctory jar of pickled eggs on the bar to comply with the law.