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S. 2775

BillFederalSenateIn Committee
Financial Compensation for CFPB Whistleblowers Act
About This Bill
Committee
Latest Action · September 21, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congress
117th (2021–2023)
Introduced
September 21, 2021
Cosponsors (6)
6D 0R
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Summary

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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.

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