CFPB Whistleblower Incentives and Protection Act

HR 2490 creates a new reward program for whistleblowers who provide original information leading to successful enforcement actions by the Consumer Financial Protection Bureau (CFPB) that result in monetary penalties exceeding $1 million. Whistleblowers can receive 10% to 30% of the collected penalties (minimum $50,000, maximum $5 million per person) for information that directly leads to enforcement actions against financial institutions violating consumer financial laws. The bill includes strong confidentiality protections to prevent disclosure of whistleblowers' identities and requires the CFPB to consider factors like the significance of the information and the whistleblower's cooperation when determining award amounts. The CFPB must also report annually to Congress on the program's activity, including the number of awards granted and case types.