Financial Compensation for CFPB Whistleblowers Act

Summary

Financial Compensation for CFPB Whistleblowers Act This bill requires the Consumer Financial Protection Bureau to provide rewards to whistleblowers who report information relating to a violation of consumer financial law resulting in certain monetary sanctions exceeding $1 million. Specifically, the bureau must award compensation to whistleblowers for 10%-30% of the collected penalties. In cases where the bureau collects less than $1 million in penalties, the bureau must award any single whistleblower 10% of the amount collected or $50,000, whichever is greater. The bill also sets forth requirements regarding the legal representation of a whistleblower and provides for confidentiality regarding the whistleblower's identity.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 September 2021

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 September 2021

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• Introduced in Senate

  summary · EN · 21 September 2021

  Open at official source

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