H.R. 5714 · 117th Congress
CFPB Whistleblower Incentives and Protection Act
- Stage
- In committee
- Sponsor
- Tom Emmer
- Introduced
- 2021-10-25
- Latest action
- 2021-10-25 · Introduced in House
Summary
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.