CFPB Whistleblower Incentives and Protection Act

Hozzl · 2024-01-08T23:56:17Z

Explore the details of House Bill 2490 CFPB Whistleblower Incentives and Protection Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/8/2024, 11:56 PM

Summary of Bill HR 2490

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.

Congressional Summary of HR 2490

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.

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Current Status of Bill HR 2490

Bill HR 2490 is currently in the status of Bill Introduced since April 6, 2023. Bill HR 2490 was introduced during Congress 118 and was introduced to the House on April 6, 2023. Bill HR 2490's most recent activity was Referred to the House Committee on Financial Services. as of April 6, 2023

Bipartisan Support of Bill HR 2490

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

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Policy Area and Potential Impact of Bill HR 2490

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 2490

CFPB Whistleblower Incentives and Protection ActCFPB Whistleblower Incentives and Protection ActTo amend the Consumer Financial Protection Act of 2010 to provide for whistleblower incentives and protection, and for other purposes.

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