Senator Catherine Cortez Masto (D-NV) introduced a bill in the Senate on March 30 that would provide incentives for whistleblowers to come forward to the Consumer Financial Protection Bureau (CFPB) to report fraud against consumers and assist in sanctioning. The Financial Compensation for CFPB Whistleblowers Act follows much of the framework and structure of the highly regarded whistleblower provisions of the Dodd-Frank Act which established the whistleblower program of the Securities Exchange Commission (SEC). Companion legislation is being introduced in the U.S. House of Representatives by Congressman Al Green (D-Texas-09).
Whistleblower advocates have heralded the proposed legislation for following existing best practices and proven measures. Siri Nelson, Executive Director of the National Whistleblower Center, said that “with the CFPB whistleblower bill, Congress could mobilize essential whistleblowers who stop fraud against consumers – saving the everyday person from being ripped off.” She added that “The Dodd-Frank Act has provided fantastic tools to protect investors. Whistleblowers have returned billions to help make sure people feel comfortable buying and selling stock. Consumers deserve the same benefit.”
In 2022 the CFPB shared a blog post announcing the agency’s support for National Whistleblower Day. In the 2022 statement, the agency pointed out that “former CFPB Director Kathleen Kraninger took the important step of engaging with Congress on a proposal for...
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