Financial Compensation for CFPB Whistleblowers Act

Hozzl · 2023-12-15T15:56:42Z

Explore the details of House Bill 2465 Financial Compensation for CFPB Whistleblowers 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.

12/15/2023, 3:56 PM

Summary of Bill HR 2465

Bill 118 HR 2465, also known as the Financial Compensation for CFPB Whistleblowers Act, is a piece of legislation introduced in the US Congress. The bill aims to provide financial compensation to individuals who report violations of consumer financial protection laws to the Consumer Financial Protection Bureau (CFPB).

Under the provisions of the bill, whistleblowers who provide original information leading to a successful enforcement action by the CFPB may be eligible to receive a monetary award. The amount of the award would be determined by the CFPB, taking into consideration the significance of the information provided and the resulting enforcement action.

The bill also includes protections for whistleblowers, prohibiting retaliation by employers against employees who report violations of consumer financial protection laws. Whistleblowers who believe they have been retaliated against can file a complaint with the CFPB, which will investigate and take appropriate action. Overall, the Financial Compensation for CFPB Whistleblowers Act aims to incentivize individuals to come forward with information about violations of consumer financial protection laws, ultimately strengthening the CFPB's ability to enforce these laws and protect consumers.

Congressional Summary of HR 2465

Financial Compensation for CFPB Whistleblowers 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.

The protections in this bill may not be waived by any employment agreement, including by a predispute arbitration agreement.

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Current Status of Bill HR 2465

Bill HR 2465 is currently in the status of Bill Introduced since April 3, 2023. Bill HR 2465 was introduced during Congress 118 and was introduced to the House on April 3, 2023. Bill HR 2465's most recent activity was Referred to the House Committee on Financial Services. as of April 3, 2023