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Financial Compensation for CFPB Whistleblowers Act
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.
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.
Read the Full Bill
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
Bipartisan Support of Bill HR 2465
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 2465
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 2465
Financial Compensation for CFPB Whistleblowers Act
Financial Compensation for CFPB Whistleblowers Act
To amend the Consumer Financial Protection Act of 2010 to provide for whistleblower incentives and protection.
Comments
Sponsors and Cosponsors of HR 2465
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