The U.S. House Financial Service Committee on Sept. 16 advanced a bill to limit the authority of the Consumer Financial Protection Bureau, which the insurance industry said has crept over the years into insurance regulation.
Within the Consumer Financial Protection Accountability and Reform Act of 2026 (HR 10184) are provisions to exempt the CFPB’s authority, an explicitly prevents it from entering the realm of state insurance regulation. The measure makes i
t clear that CFPB must defer to state regulators on insurance matters.
“State regulators have been serving insurance consumers for more than 150 years with a deeper understanding of the risks facing their state, and the needs of cons
umers,” said Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies (NAMIC). “Protecting this system from federal overreach is paramount to a competitive marketplace that best serves consumers.”
“When federal agencies stray outside their lane, Congress can and should put down guardrails,” Grande added.
The CFPB was formed as part of the Dodd-Frank Act in 2010 as a consumer protection agency in the financial sector. State-regulated business of insurance was excluded from its purview.
For about 30 months, federal bills have floated to limit the power of CFPB when it comes to insurance. More than a year ago NAMIC supported the Business of Insurance Regulatory Reform Act.
See more beautiful photo albums Here >>>
HR 10184 also established an inspector general for the CFPB and brings it under the congressional appropriations process. CFPB has received its funding through transfers from the Federal Reserve.
Investigators and officials have not confirmed whether a ransom demand has been made, nor have they identified the specific threat actors behind the attack. They have stressed that containment efforts and the investigation are ongoing.
The city said IT staff noticed some “red flags” last week and the disruptions “elevated to malicious cyber traffic” by last Saturday evening.
Officials said they closed schools starting Tuesday out of an “abundance of caution” for the safety of students, faculty and staff. They expressed particular concern over the district’s inability to access student medical records. Without access to that medical program, nurses cannot access information to dispense medications or address allergies and other health issues.
Students and families have been asked to stay off school networks and avoid using any district-issued laptops to prevent further spread of malware.
