summary
Introduced
06/17/2020
06/17/2020
In Committee
06/17/2020
06/17/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Consumer Financial Protection Act of 2010 to provide for whistleblower incentives and protection. 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 monetary sanctions. In cases where the bureau is unable to collect at least $1 million of the imposed sanctions, 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.
AI Summary
This bill amends the Consumer Financial Protection Act of 2010 to provide whistleblower incentives and protection. It requires the Consumer Financial Protection Bureau (CFPB) to award whistleblowers who report violations of consumer financial law resulting in monetary sanctions exceeding $1 million. The awards range from 10-30% of the collected sanctions. If the CFPB is unable to collect at least $1 million, it must award the whistleblower 10% of the amount collected or $50,000, whichever is greater. The bill also sets confidentiality requirements for whistleblower identities and prohibits certain employment agreements that would waive whistleblower rights and remedies.
Committee Categories
Housing and Urban Affairs
Sponsors (8)
Catherine Cortez Masto (D)*,
Richard Blumenthal (D),
Sherrod Brown (D),
Dick Durbin (D),
Jeff Merkley (D),
Tina Smith (D),
Elizabeth Warren (D),
Ron Wyden (D),
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. (on 07/29/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3975/all-info | 06/18/2020 |
| BillText | https://www.congress.gov/116/bills/s3975/BILLS-116s3975is.pdf | 07/09/2020 |
| Bill | https://www.congress.gov/116/bills/s3975/BILLS-116s3975is.pdf.pdf | 07/09/2020 |
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