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Financial Compensation for CFPB Whistleblowers Act

USA117th CongressS-2775| Senate 
| Updated: 9/21/2021
Catherine Cortez Masto

Catherine Cortez Masto

Democratic Senator

Nevada

Cosponsors (6)
Richard J. Durbin (Democratic)Elizabeth Warren (Democratic)Tina Smith (Democratic)Sherrod Brown (Democratic)Jeff Merkley (Democratic)Richard Blumenthal (Democratic)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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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Timeline

Bill from Previous Congress

S 116-3975
Financial Compensation for CFPB Whistleblowers Act
Sep 21, 2021
Introduced in Senate
Sep 21, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 5, 2021

Latest Companion Bill Action

HR 117-5484
Introduced in House
  • Bill from Previous Congress

    S 116-3975
    Financial Compensation for CFPB Whistleblowers Act


  • September 21, 2021
    Introduced in Senate


  • September 21, 2021
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • October 5, 2021

    Latest Companion Bill Action

    HR 117-5484
    Introduced in House

Finance and Financial Sector

Related Bills

  • HR 117-5714: CFPB Whistleblower Incentives and Protection Act
  • HR 117-5484: Financial Compensation for CFPB Whistleblowers Act

Financial Compensation for CFPB Whistleblowers Act

USA117th CongressS-2775| Senate 
| Updated: 9/21/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-3975
Financial Compensation for CFPB Whistleblowers Act
Sep 21, 2021
Introduced in Senate
Sep 21, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 5, 2021

Latest Companion Bill Action

HR 117-5484
Introduced in House
  • Bill from Previous Congress

    S 116-3975
    Financial Compensation for CFPB Whistleblowers Act


  • September 21, 2021
    Introduced in Senate


  • September 21, 2021
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • October 5, 2021

    Latest Companion Bill Action

    HR 117-5484
    Introduced in House
Catherine Cortez Masto

Catherine Cortez Masto

Democratic Senator

Nevada

Cosponsors (6)
Richard J. Durbin (Democratic)Elizabeth Warren (Democratic)Tina Smith (Democratic)Sherrod Brown (Democratic)Jeff Merkley (Democratic)Richard Blumenthal (Democratic)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 117-5714: CFPB Whistleblower Incentives and Protection Act
  • HR 117-5484: Financial Compensation for CFPB Whistleblowers Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted