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CFPB Whistleblower Incentives and Protection Act

USA117th CongressHR-5714| House 
| Updated: 10/25/2021
Tom Emmer

Tom Emmer

Republican Representative

Minnesota

Cosponsors (1)
Pete Sessions (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
CFPB Whistleblower Incentives and Protection Act This bill requires the Consumer Financial Protection Bureau to provide awards 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 (1) not less than the greater of 10% of the collected monetary sanctions, or $50,000; and (2) not more than 30% of the collected monetary sanctions. The compensation to any single whistleblower is capped at $5 million. 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
Oct 25, 2021
Introduced in House
Oct 25, 2021
Referred to the House Committee on Financial Services.
  • October 25, 2021
    Introduced in House


  • October 25, 2021
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

Related Bills

  • S 117-2775: Financial Compensation for CFPB Whistleblowers Act
  • HR 117-5484: Financial Compensation for CFPB Whistleblowers Act

CFPB Whistleblower Incentives and Protection Act

USA117th CongressHR-5714| House 
| Updated: 10/25/2021
CFPB Whistleblower Incentives and Protection Act This bill requires the Consumer Financial Protection Bureau to provide awards 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 (1) not less than the greater of 10% of the collected monetary sanctions, or $50,000; and (2) not more than 30% of the collected monetary sanctions. The compensation to any single whistleblower is capped at $5 million. 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
Oct 25, 2021
Introduced in House
Oct 25, 2021
Referred to the House Committee on Financial Services.
  • October 25, 2021
    Introduced in House


  • October 25, 2021
    Referred to the House Committee on Financial Services.
Tom Emmer

Tom Emmer

Republican Representative

Minnesota

Cosponsors (1)
Pete Sessions (Republican)

Financial Services Committee

Finance and Financial Sector

Related Bills

  • S 117-2775: Financial Compensation for CFPB Whistleblowers Act
  • HR 117-5484: Financial Compensation for CFPB Whistleblowers Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted