Financial Compensation for CFPB Whistleblowers Act
Bill journey · stage 1 of 5
Just introduced
What it doesSummary introduced in senate (Jun 17, 2020)
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.
What just happenedJul 29, 2020
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Who’s behind it
- Introduced in SenateJun 17, 2020
- Jul 29, 2020Committee
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Banking, Housing, and Urban Affairs Committee - Jun 17, 2020IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Jun 17, 2020IntroReferral10000
Introduced in Senate