CFPB Solicits Financial Industry Insider Informants

Individuals with information on potential violations of federal consumer financial laws will now have “a direct line of communication” with the Consumer Financial Protection Bureau (CFPB), according to CFPB Assistant Director of Enforcement Richard Cordray, who is also the current nominee to take over as director of the CFPB.

The CFPB’s website asks employees (current or former), competitors, and industry insiders to inform on companies who violate consumer financial protection laws. Potential whistleblowers may contact the CFPB by emailing whistleblower@cfpb.gov or calling a toll-free hotline at 855.695.7974. The CFPB said it also plans to add an online whistleblower application to its homepage soon.

Individuals that reach out to the CFPB may request confidentiality or ask to remain anonymous, but the CFPB said providing personal contact information may help the CFPB investigate and remediate the reported issues.

Portions of the Dodd-Frank Wall Street Reform Act would protect whistleblowers from any retaliation by potential violators they are reporting. Whistleblowers that believe they have been retaliated against may file complaints with the Secretary of Labor.

Click here to read the press release.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance.