The bill would create a program that pays awards to people who voluntarily give the Consumer Financial Protection Bureau original information leading to successful enforcement actions with more than $1 million in monetary sanctions. Awards would generally total 10% to 30% of civil money penalties collected. The bill also sets confidentiality rules, allows some whistleblowers to submit information anonymously through a lawyer, and bars certain agreements from waiving whistleblower rights. It would raise the Bureau’s funding cap from 6.5% to 12%.
People who report violations of federal consumer financial law may qualify for an award if their information leads to a successful enforcement action. The Bureau would protect whistleblowers’ identities, subject to stated exceptions. The bill does not describe changes to consumer services or provide details about how people would submit reports.
The bill directs award payments to come from the Consumer Financial Civil Penalty Fund and raises the Bureau’s funding cap. It provides no publicly available estimate of costs or spending effects.
The bill’s stated purpose is to help the Bureau retain resources to support fair, transparent, and competitive markets for financial products and services, and to provide whistleblower incentives and protection.
No publicly available information.