To amend the Consumer Financial Protection Act of 2010 to provide for whistleblower incentives and protection, and for other purposes.
CFPB Whistleblower Incentives and Protection Act
This bill requires the Consumer Financial Protection Bureau to provide awards to whistleblowers who report information relating to a violation of consumer financial law resulting in certain monetary sanctions exceeding $1 million. Specifically, the bureau must award compensation to whistleblowers (1) not less than the greater of 10% of the collected monetary sanctions, or $50,000; and (2) not more than 30% of the collected monetary sanctions. The compensation to any single whistleblower is capped at $5 million. 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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