NAIFA Comments on Bill to Create Consumer Financial Protection Agency
Lee Allen, Vice President of Communications and Marketing, NAIFA
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FALLS CHURCH, VA (October 22, 2009) — Today, the National Association of Insurance and Financial Advisors (NAIFA) issued the following statement in response to the House Financial Services Committee approving a bill (H.R. 3126) to create a Consumer Financial Protection Agency:
“NAIFA fully understands and appreciates the need for strong consumer protections in the financial services sector,” commented NAIFA President Thomas D. Currey, CLU, ChFC, LUTCF. “We are pleased that, by adopting the amendment by Representatives Gwen Moore and Erik Paulsen to exempt insurance from the proposed Consumer Financial Protection Agency, the House Financial Services Committee has recognized that insurance products are already subject to comprehensive state regulation, which places a strong emphasis on consumer protection. To impose another layer of regulation on top of an already robust insurance regulatory regime is unnecessary and would provide no additional benefit to consumers.”
To learn more about NAIFA’s position on this and other government affairs issues, visit www.naifa.org/advocacy.
About NAIFA: NAIFA comprises more than 700 state and local associations representing the interests of approximately 200,000 agents and their associates nationwide. NAIFA members focus their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. The Association’s mission is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members.