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Financial Compensation for CFPB Whistleblowers Act

Introduced: July 27, 2020 Introduced by: Green, Al Democratic · Texas See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 2020
Referred to the House Committee on Financial Services.
Jul 27, 2020
Introduced in House
 Plain-English summary Congressional Research Service

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 greater than or equal to $500,000. 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's happening now July 27, 2020

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1