Insurers fearing the regulatory reach of a new consumer protection agency can breathe a sigh of relief.
The House Financial Services Committee has voted by a margin of 39 to 29 to create a Consumer Financial Protection Agency (CFPA)—albeit one with a narrowed regulatory scope. Passing by voice vote, an amendment offered by Reps. Gwen Moore (D.—Wis.) and Erik Paulsen, removed insurers from CFPA oversight.
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