CFPB Whistleblower Incentives and Protection Act

1/8/2024, 11:56 PM

CFPB Whistleblower Incentives and Protection Act

This bill requires the Consumer Financial Protection Bureau to provide awards to whistleblowers who report information resulting in monetary sanctions.

Whistleblowers claiming an award are permitted to have legal representation. Anonymous whistleblowers claiming an award are required to have legal representation and must disclose their identity to the bureau. The bureau may not disclose an anonymous whistleblower's identity except in limited circumstances, including to other government agencies in the course of an investigation.

Bill 118 hr 2490, also known as the CFPB Whistleblower Incentives and Protection Act, aims to provide incentives and protections for individuals who report violations of consumer financial protection laws to the Consumer Financial Protection Bureau (CFPB).

The bill outlines several key provisions, including the establishment of a whistleblower program within the CFPB that would provide monetary rewards to individuals who provide original information leading to successful enforcement actions. These rewards would be based on a percentage of the monetary sanctions collected by the CFPB as a result of the whistleblower's information.

Additionally, the bill includes provisions to protect whistleblowers from retaliation by their employers. It prohibits employers from taking adverse actions against employees who report violations of consumer financial protection laws, and provides avenues for whistleblowers to seek legal recourse if they believe they have been retaliated against. Overall, the CFPB Whistleblower Incentives and Protection Act seeks to encourage individuals to come forward with information about potential violations of consumer financial protection laws, while also ensuring that whistleblowers are protected from retaliation. This bill aims to strengthen the CFPB's ability to enforce financial regulations and protect consumers from fraudulent or deceptive practices in the financial industry.
Congress
118

Number
HR - 2490

Introduced on
2023-04-06

# Amendments
0

Sponsors
+5

Cosponsors
+5

Variations and Revisions

4/6/2023

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

CFPB Whistleblower Incentives and Protection Act

This bill requires the Consumer Financial Protection Bureau to provide awards to whistleblowers who report information resulting in monetary sanctions.

Whistleblowers claiming an award are permitted to have legal representation. Anonymous whistleblowers claiming an award are required to have legal representation and must disclose their identity to the bureau. The bureau may not disclose an anonymous whistleblower's identity except in limited circumstances, including to other government agencies in the course of an investigation.

Bill 118 hr 2490, also known as the CFPB Whistleblower Incentives and Protection Act, aims to provide incentives and protections for individuals who report violations of consumer financial protection laws to the Consumer Financial Protection Bureau (CFPB).

The bill outlines several key provisions, including the establishment of a whistleblower program within the CFPB that would provide monetary rewards to individuals who provide original information leading to successful enforcement actions. These rewards would be based on a percentage of the monetary sanctions collected by the CFPB as a result of the whistleblower's information.

Additionally, the bill includes provisions to protect whistleblowers from retaliation by their employers. It prohibits employers from taking adverse actions against employees who report violations of consumer financial protection laws, and provides avenues for whistleblowers to seek legal recourse if they believe they have been retaliated against. Overall, the CFPB Whistleblower Incentives and Protection Act seeks to encourage individuals to come forward with information about potential violations of consumer financial protection laws, while also ensuring that whistleblowers are protected from retaliation. This bill aims to strengthen the CFPB's ability to enforce financial regulations and protect consumers from fraudulent or deceptive practices in the financial industry.
Alternative Names
Official Title as IntroducedTo amend the Consumer Financial Protection Act of 2010 to provide for whistleblower incentives and protection, and for other purposes.

Policy Areas
Finance and Financial Sector

Comments

Recent Activity

Latest Summary9/29/2023

CFPB Whistleblower Incentives and Protection Act

This bill requires the Consumer Financial Protection Bureau to provide awards to whistleblowers who report information resulting in monetary sanctions.

Whistleblowers claiming...


Latest Action4/6/2023
Referred to the House Committee on Financial Services.