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Financial Compensation for CFPB Whistleblowers Act

Introduced: June 17, 2020 Introduced by: Cortez Masto, Catherine Democratic · Nevada See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 29, 2020

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

Jun 17, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Jun 17, 2020

Introduced in Senate

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 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's happening now July 29, 2020

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

Committees of jurisdiction 1