US Congress Senate Bill 3975 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 8-0)
Status: Introduced on June 17 2020 - 25% progression, died in chamber
Action: 2020-07-29 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
Text: Latest bill text (Introduced) [PDF]

Requires the Consumer Financial Protection Bureau to provide rewards 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 for 10%-30% of the collected monetary sanctions. In cases where the bureau is unable to collect at least $1 million of the imposed sanctions, the bureau must award any single whistleblower 10% of the amount collected or $50,000, whichever is greater. The bill also sets forth requirements regarding the legal representation of a whistleblower and provides for confidentiality regarding the whistleblower's identity.

Financial Compensation for CFPB Whistleblowers Act

Sen. Catherine Cortez Masto [D-NV]	Sen. Sherrod Brown [D-OH]	Sen. Elizabeth Warren [D-MA]	Sen. Tina Smith [D-MN]
Sen. Richard Durbin [D-IL]	Sen. Jeff Merkley [D-OR]	Sen. Ron Wyden [D-OR]	Sen. Richard Blumenthal [D-CT]

Date	Chamber	Action
2020-07-29	Senate	Committee on Banking, Housing, and Urban Affairs. Hearings held.
2020-06-17	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB7793 (Related) 2020-07-27 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/3975/all-info
Text	https://www.congress.gov/116/bills/s3975/BILLS-116s3975is.pdf