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Financial Compensation for CFPB Whistleblowers Act
3/14/2024, 2:17 AM
Summary of Bill S 1124
Bill 118 s 1124, also known as the Financial Compensation for CFPB Whistleblowers Act, is a piece of legislation introduced in the US Congress. The bill aims to provide financial compensation to individuals who report violations of consumer financial protection laws to the Consumer Financial Protection Bureau (CFPB).
Under this bill, whistleblowers who provide original information to the CFPB that leads to a successful enforcement action may be eligible to receive a monetary award. The amount of the award would be determined by the CFPB, taking into account factors such as the significance of the information provided and the level of assistance provided by the whistleblower.
The bill also includes provisions to protect whistleblowers from retaliation by their employers. Employers would be prohibited from taking adverse action against employees who report violations of consumer financial protection laws to the CFPB. Overall, the Financial Compensation for CFPB Whistleblowers Act aims to incentivize individuals to come forward with information about violations of consumer financial protection laws and to ensure that whistleblowers are fairly compensated for their contributions.
Under this bill, whistleblowers who provide original information to the CFPB that leads to a successful enforcement action may be eligible to receive a monetary award. The amount of the award would be determined by the CFPB, taking into account factors such as the significance of the information provided and the level of assistance provided by the whistleblower.
The bill also includes provisions to protect whistleblowers from retaliation by their employers. Employers would be prohibited from taking adverse action against employees who report violations of consumer financial protection laws to the CFPB. Overall, the Financial Compensation for CFPB Whistleblowers Act aims to incentivize individuals to come forward with information about violations of consumer financial protection laws and to ensure that whistleblowers are fairly compensated for their contributions.
Congressional Summary of S 1124
Financial Compensation for CFPB Whistleblowers Act
This bill requires the Consumer Financial Protection Bureau to provide awards to whistleblowers who report information resulting in monetary sanctions.
Whistleblowers claiming an award are permitted to have legal representation. Anonymous whistleblowers claiming an award are required to have legal representation and must disclose their identity to the bureau. The bureau may not disclose an anonymous whistleblower's identity except in limited circumstances, including to other government agencies in the course of an investigation.
The protections in this bill may not be waived by any employment agreement, including by a predispute arbitration agreement.
Read the Full Bill
Current Status of Bill S 1124
Bill S 1124 is currently in the status of Bill Introduced since March 30, 2023. Bill S 1124 was introduced during Congress 118 and was introduced to the Senate on March 30, 2023. Bill S 1124's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 30, 2023
Bipartisan Support of Bill S 1124
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
16Democrat Cosponsors
14Republican Cosponsors
0Unaffiliated Cosponsors
2Policy Area and Potential Impact of Bill S 1124
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill S 1124
Financial Compensation for CFPB Whistleblowers Act
Financial Compensation for CFPB Whistleblowers Act
A bill to amend the Consumer Financial Protection Act of 2010 to provide for whistleblower incentives and protection.
Comments
Sponsors and Cosponsors of S 1124
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