CFPB Seeking Whistleblower Tips on Lending Violations
December 16, 2011
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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