H.R. 4735 — Business of Insurance Regulatory Reform Act of 2025

This section limits the Consumer Financial Protection Bureau's (CFPB) enforcement authority under the Consumer Financial Protection Act with respect to persons regulated by a state insurance regulator. Specifically, it (1) redesignates existing text in subsection (f)(2) as subparagraph (A) and adds a new subparagraph (B) prohibiting CFPB enforcement against such persons to the extent they are engaged in the business of insurance when offering or providing a consumer financial product or service, and requiring CFPB enforcement authority under enumerated consumer laws (or laws with transferred authorities under subtitles F or H) to be narrowly construed to that extent; and (2) adds a new paragraph (4) establishing a rule of construction that CFPB enforcement of the act shall be broadly construed in favor of the authority of state insurance regulators. (Thus, the changes strengthen deference to state insurance regulation over federal CFPB oversight for insurance activities.)