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 monetary sanctions. In cases where the bureau is unable to collect at least $1 million of the imposed sanctions, 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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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 June 2020

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 June 2020

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• Introduced in Senate

  summary · EN · 17 June 2020

  Open at official source

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