Financial Compensation for CFPB Whistleblowers Act

Hozzl · 2024-03-14T02:17:17Z

Explore the details of Senate Bill 1124 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.

3/14/2024, 2:17 AM

Summary of Bill S 1124

Bill 118 s 1124, 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 this bill, whistleblowers who provide original information to the CFPB that leads to a successful enforcement action may be eligible to receive a monetary award. The amount of the award would be determined by the CFPB, taking into account factors such as the significance of the information provided and the level of assistance provided by the whistleblower.

The bill also includes provisions to protect whistleblowers from retaliation by their employers. Employers would be prohibited from taking adverse action against employees who report violations of consumer financial protection laws to the CFPB. Overall, the Financial Compensation for CFPB Whistleblowers Act aims to incentivize individuals to come forward with information about violations of consumer financial protection laws and to ensure that whistleblowers are fairly compensated for their contributions.

Congressional Summary of S 1124

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 S 1124

Bill S 1124 is currently in the status of Bill Introduced since March 30, 2023. Bill S 1124 was introduced during Congress 118 and was introduced to the Senate on March 30, 2023. Bill S 1124's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 30, 2023