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Whistleblower Incentives and Protection for Consumer Financial Fraud

This bill aims to encourage individuals to report financial fraud that harms consumers. If reported information leads to penalties exceeding one million dollars, whistleblowers may receive a monetary award. The bill also protects whistleblower identities and prevents companies from forcing them to waive these rights.
Key points
Monetary Awards: Individuals providing crucial information on financial fraud can receive 10% to 30% of collected penalties if the amount exceeds one million dollars. A minimum award of $50,000 applies if collected penalties are less than one million.
Identity Protection: Whistleblower identities are protected, and information that could reveal them is kept confidential.
No Waiver of Rights: Companies cannot force employees to waive their right to report fraud or to submit disputes to arbitration, strengthening whistleblower positions.
Award Exceptions: Awards are not granted to individuals involved in the crime, those providing false information, or if their information was not original.
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Additional Information
Print number: 117_S_2775
Sponsor: Sen. Cortez Masto, Catherine [D-NV]
Process start date: 2021-09-21
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Financial Compensation for CFPB Whistleblowers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2775.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-21.

What are the main provisions?

Key points include:

  • Monetary Awards: Individuals providing crucial information on financial fraud can receive 10% to 30% of collected penalties if the amount exceeds one million dollars. A minimum award of $50,000 applies if collected penalties are less than one million.
  • Identity Protection: Whistleblower identities are protected, and information that could reveal them is kept confidential.
  • No Waiver of Rights: Companies cannot force employees to waive their right to report fraud or to submit disputes to arbitration, strengthening whistleblower positions.
  • Award Exceptions: Awards are not granted to individuals involved in the crime, those providing false information, or if their information was not original.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cortez Masto, Catherine [D-NV].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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Courts and Law Economy