CFPB Whistleblower Incentives and Protection Act

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.