CFPB Begins Taking Tips from Whistleblowers

The Consumer Financial Protection Bureau is soliciting information from whistleblowers and other knowledgeable sources about potential violators of federal consumer financial laws. The CFPB is welcoming information from current or former employees, contractors, vendors, and competitor companies. The Dodd-Frank Act provides certain anti-retaliation protections for whistleblowers. They may not be terminated or discriminated against for:

(1) providing information to the employer, the Bureau, or any other state, local, or federal government authority or law enforcement agency relating to a violation of federal consumer financial law;

(2) testifying about a potential violation;

(3) filing any lawsuit or other proceeding under any federal consumer financial law;

(4) objecting to or refusing to participate in violations of federal consumer financial laws.

The whistleblower channels announced today include an email address and a toll free “tips hotline.” Early next year, the Bureau plans to introduce an online tips portal accessible through its website. Whistleblowers through any of these channels may request confidentiality or even remain anonymous to the extent permitted by law, although providing contact information may assist the Bureau in investigating and remediating potential violations of federal consumer financial laws.