Bill > S2429

This bill amends the Consumer Financial Protection Act of 2010 to establish a comprehensive whistleblower program for the Bureau of Consumer Financial Protection (CFPB). The bill creates a new section that defines whistleblower protections and incentives, allowing individuals who provide original, previously unknown information about violations of federal consumer financial laws to receive financial awards. Whistleblowers can be awarded between 10% and 30% of civil money penalties collected in successful enforcement actions, with a minimum award of $50,000 if penalties are less than $1 million. The bill includes strict criteria for award eligibility, such as prohibiting awards to individuals involved in the misconduct or those who were employees of certain financial entities when they acquired the information. The legislation also ensures confidentiality of whistleblower identities, provides legal protections, and prevents employers from requiring employees to waive their whistleblower rights through arbitration agreements. Additionally, the bill increases the CFPB's funding cap from 6.5% to 12%, which will provide the agency with more resources to investigate and enforce consumer financial protection laws. The goal is to create stronger deterrents against financial misconduct and provide meaningful incentives for individuals to report potential violations.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2429/all-info