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Bill Sponsor
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Bills
Senate Bill 3975
116th Congress(2019-2020)
Financial Compensation for CFPB Whistleblowers Act
Introduced
Introduced
Introduced in Senate on Jun 17, 2020
Overview
Text
Introduced
Jun 17, 2020
Latest Action
Jul 29, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3975
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Catherine Cortez Masto
Nevada
Democrat
Richard Blumenthal
Connecticut
Democrat
Dick Durbin
Illinois
Democrat
Elizabeth Warren
Massachusetts
Democrat
Tina Smith
Minnesota
Democrat
Sherrod Brown
Ohio
Democrat
Jeff Merkley
Oregon
Democrat
Ron Wyden
Oregon
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Financial Compensation for CFPB Whistleblowers Act

This bill 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.

Text (1)
Introduced in Senate
June 17, 2020
Related Bills (1)
Jul 27, 2020
Introduced in House
1
Sponsorship
House Bill 7793
Financial Compensation for CFPB Whistleblowers Act
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Actions (3)
07/29/2020
Committee on Banking, Housing, and Urban Affairs. Hearings held.
06/17/2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
06/17/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:46:14 PM
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