Rep. Tom Emmer (R-MN) introduced legislation Monday to create a Consumer Financial Protection Bureau (CFPB) whistleblower protection program.
“Instead of fear of retribution, retaliation, or financial ruin, whistleblowers should be supported as they come forward and help ensure the Bureau is protecting American consumers,” Ember said. “This legislation is one small step to provide them with reasonable protections and compensation.”
The CFPB regulates dozens of industries, including auto lenders, credit unions, community banks, and student loan servicers. Whistleblowers have proven effective in exposing conduct within the agency that fails to serve the American consumer.
“This common-sense fix would ensure that we fairly reward whistleblowers while also keeping our focus on being good stewards of taxpayer dollars,” he said. “Our efforts to reform the CFPB should put the American consumer first, and this legislation does that.”
Per Emmer, the bill would amend the Dodd-Frank Act under which the CFPB was founded – providing compensation to whistleblowers and ensuring identities remain confidential. Additionally, the CFPB would be required to submit an annual report to Congress no later than Oct. 30, detailing awards granted to whistleblowers the previous year.
Reports have determined financial rewards provide incentives for potential whistleblowers to come forward.