S. 2775 · 117th Congress
Financial Compensation for CFPB Whistleblowers Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
Cortez MastoSponsor6 cosponsors · 6 D
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Sep 21, 2021
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Compensation for CFPB Whistleblowers Act
Latest action (Sep 21, 2021): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Sep 21, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.