summary
Introduced
07/27/2020
07/27/2020
In Committee
07/27/2020
07/27/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
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 greater than or equal to $500,000. 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, the Financial Compensation for CFPB Whistleblowers Act, amends the Consumer Financial Protection Act of 2010 to provide incentives and protections for whistleblowers who report violations of consumer financial laws to the Consumer Financial Protection Bureau (CFPB). The bill requires the CFPB to pay whistleblowers between 10-30% of any monetary sanctions greater than or equal to $500,000 that are collected as a result of the information provided. In cases where the CFPB collects less than $1 million, it must pay the whistleblower at least 10% of the amount collected or $50,000, whichever is greater. The bill also sets confidentiality requirements for whistleblowers' identities and prohibits the enforcement of certain agreements that would waive whistleblowers' rights under this law.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to the House Committee on Financial Services. (on 07/27/2020)
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/house-bill/7793/all-info | 07/28/2020 |
| BillText | https://www.congress.gov/116/bills/hr7793/BILLS-116hr7793ih.pdf | 08/23/2020 |
| Bill | https://www.congress.gov/116/bills/hr7793/BILLS-116hr7793ih.pdf.pdf | 08/23/2020 |
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