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HR 5714 117th Congress House Finance and Financial Sector

CFPB Whistleblower Incentives and Protection Act

Introduced: October 25, 2021 Introduced by: Emmer, Tom Republican · Minnesota 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
Oct 25, 2021
Referred to the House Committee on Financial Services.
Oct 25, 2021
Introduced in House
 Plain-English summary Congressional Research Service

CFPB Whistleblower Incentives and Protection Act

This bill requires the Consumer Financial Protection Bureau to provide awards 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 (1) not less than the greater of 10% of the collected monetary sanctions, or $50,000; and (2) not more than 30% of the collected monetary sanctions. The compensation to any single whistleblower is capped at $5 million. 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 October 25, 2021

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1