The Stop the Scammers Act would strengthen the Consumer Financial Protection Bureau (CFPB) by creating a whistleblower program and increasing its funding capacity. Under the new whistleblower program, individuals who provide original information leading to successful CFPB enforcement actions resulting in over $1 million in penalties would receive awards equal to 10-30 percent of the civil penalties collected, with a minimum of $50,000 per whistleblower for smaller cases. The bill includes robust protections for whistleblowers, including confidentiality provisions, protection from retaliation, and the ability to challenge certain non-disclosure agreements that would prevent them from reporting violations. Additionally, the legislation doubles the CFPB's funding cap from 6.5 percent to 12 percent, ensuring the bureau has adequate resources to investigate consumer financial fraud and enforce federal consumer protection laws. The bill requires the CFPB to report annually to Congress on its whistleblower awards program.
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