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Sens. Tim Scott, R-S.C., Tammy Baldwin, D-Wis., Mike Rounds, R-S.D., and Joe Manchin, D-W.Va., together introduced a NAFCU-backed bill that would exempt persons regulated by a state insurance regulator from CFPB authority.

The bill would help clarify the limits of the CFPB regulating insurance and ensure the bureau's jurisdiction doesn't spread and create new burdens on credit unions.

This Senate bill, S. 2702, mirrors House-bill H.R. 3746, which passed the House Financial Services Committee in January and awaits action by the full House.

"NAFCU and its member credit unions thank Senators Scott, Baldwin, Rounds and Manchin for recognizing the unnecessary confusion the CFPB has caused by stepping into various aspects of insurance, including those sold by credit unions," said NAFCU Vice President of Legislative Affairs Brad Thaler. "This bill, along with its House companion H.R. 3746, will help bring clarity to credit unions regarding insurance regulation."