S 2775 117th Congress Senate Finance and Financial Sector

Financial Compensation for CFPB Whistleblowers Act

Introduced: September 21, 2021 Introduced by: Cortez Masto, Catherine Democratic · Nevada See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 21, 2021

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

Sep 21, 2021

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 penalties. In cases where the bureau collects less than $1 million in penalties, 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 September 21, 2021

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

Committees of jurisdiction 1