Proposal:CFPB Whistleblower Incentives and Protection Act

This proposal is archived and closed to further debate. It was introduced in the 117th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 5714
Type of Legislation	House Bill
Congress	117
Status	Archived — 117th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

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.

Bill Title

CFPB Whistleblower Incentives and Protection Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2021-10-25: Referred to the House Committee on Financial Services.
• 2021-10-25: Introduced in House
• 2021-10-25: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.