S. 3975

Introduced

Financial Compensation for CFPB Whistleblowers Act

Introduced 6/17/2020•116th Congress•Senate

Congress.gov

Latest Action

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 116-441.

7/29/2020 • Senate

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.

Introduced in Senate • 6/17/2020

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Topics & Subjects

Policy Area: Finance and Financial Sector

Administrative remediesCivil actions and liabilityCongressional oversightConsumer Financial Protection BureauConsumer affairsConsumer creditEmployment discrimination and employee rightsFraud offenses and financial crimesGovernment information and archivesJudicial review and appealsLawyers and legal servicesRight of privacy