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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Sep 2021
Committee Review
Floor Vote
President
Introduced Sep 21, 2021
Last action Sep 21, 2021
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Sep 21, 2021
Committee
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
upper
Sep 21, 2021
Introduced
Introduced in Senate
upper
1 primary · 6 co-sponsors
Sponsors
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