CFPB Seeking Whistleblower Tips on Lending Violations

December 16, 2011
American Banker 
consumer financial protection bureau news

The Consumer Financial Protection Bureau has announced that it will start accepting information from whistleblowers about potential violations of federal consumer financial laws. The watchdog has launched a toll-free hotline and dedicated e-mail for tips, and it plans to launch an online tips portal on its Web site early next year. Under the Dodd-Frank Act, employees who report their firms for possible violations are protected from retaliation, termination, and discrimination. However, the bureau noted that it will penalize individuals who provide frivolous tips or those in bad faith. Employees can report suspicions anonymously or can request that their information is kept confidential if they do submit their names and contact information.
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