Us Congress 2023-2024 Regular Session

Us Congress House Bill HB2465

Introduced
4/3/23  

Caption

Financial Compensation for CFPB Whistleblowers Act

Impact

If enacted, HB 2465 would introduce a tiered compensation system for whistleblowers, allowing them to receive awards based on a percentage of civil money penalties collected by the Bureau in successful enforcement actions. The proposed law seeks to establish a clear mechanism that incentivizes individuals to provide original information that leads to successful penalties against wrongdoers in the financial sector. Additionally, it emphasizes the confidentiality of whistleblower identities to protect them from potential retaliation, thus fostering a safer environment for reporting misconduct.

Summary

House Bill 2465, titled the Financial Compensation for CFPB Whistleblowers Act, seeks to amend the Consumer Financial Protection Act of 2010 by providing newly defined incentives and protections for whistleblowers. The bill aims to enhance the existing framework that allows individuals to report violations of federal consumer financial laws by offering them a compensation structure tied to the financial penalties collected as a result of their disclosures. This effort is intended to encourage whistleblowers to come forward with information that may lead to significant enforcement actions.

Contention

Debate surrounding HB 2465 highlights differing perspectives on the adequacy of whistleblower protections. Proponents argue that the bill will strengthen consumer financial protections by empowering individuals to report malpractice without fear of retribution. However, some critics express concerns over the potential for misuse of incentives, along with skepticism about whether such programs truly lead to substantial improvements in enforcement outcomes. The success of this bill reflects an ongoing commitment to consumer rights and accountability within the financial services industry.

Companion Bills

US SB1124

Same As Financial Compensation for CFPB Whistleblowers Act

US HB2490

Related CFPB Whistleblower Incentives and Protection Act

US HB2798

Related CFPB Transparency and Accountability Reform Act Transparency in CFPB Cost-Benefit Analysis Act CFPB Dual Mandate and Economic Analysis Act CFPB Whistleblower Incentives and Protection Act Making the CFPB Accountable to Small Businesses Act of 2023 CFPB–IG Reform Act of 2023 Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023 TABS Act of 2023 Taking Account of Bureaucrats’ Spending Act of 2023

Similar Bills

US HB2490

CFPB Whistleblower Incentives and Protection Act

US SB2679

LEAD Act of 2023 Leadership, Engagement, Accountability, and Development Act of 2023

US HB4278

Restore VA Accountability Act of 2023 Restore Department of Veterans Affairs Accountability Act of 2023

US HB1887

To provide for a limitation on availability of funds for House of Representatives, Salaries and Expenses of the Office of the Whistleblower Ombudsman for fiscal year 2024.

US SB1112

Department of Energy and Nuclear Regulatory Commission Whistleblower Protection Act

DE SB266

An Act To Amend Title 6 And Title 12 Of The Delaware Code Relating To Unclaimed Property.

TX HB3893

Relating to the protection of whistleblowers, accountability in public and private sectors, and penalties for retaliatory actions.

CA AB2299

Labor Commissioner: whistleblower protections: model list of rights and responsibilities.