To amend the Consumer Financial Protection Act of 2010 to provide for whistleblower incentives and protection.
Financial Compensation for CFPB Whistleblowers Act
This bill requires the Consumer Financial Protection Bureau to provide rewards to whistleblowers who report information relating to a violation of consumer financial law resulting in certain monetary sanctions greater than or equal to $1 million. Specifically, the bureau must award compensation to whistleblowers for 10%-30% of the collected monetary sanctions. In cases where the bureau collects less than $1 million of the imposed monetary sanctions, the bureau must award any single whistleblower 10% of the amount collected or $50,000, whichever is greater. The bill also sets forth requirements regarding the legal representation of a whistleblower and provides for confidentiality regarding the whistleblower's identity.
Referred to the House Committee on Financial Services.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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