A whistleblower is a person who exposes misconduct, dishonesty or illegal activity occurring in an organization. The 1989 Whistleblower Protection Act is a federal law that protects government-employed whistleblowers from any type of retaliation. Whistleblowers may file a complaint when they have evidence of a violation of a law, rule or regulation. Other possible reasons for whistleblower complaints include gross mismanagement, blatant waste of funds, abuse of authority or a danger to public safety. Whistleblowers typically receive a percentage of the money they save their agencies. The 2010 Dodd-Frank Act authorizes whistleblower awards of up to 30% of the funds collected for those furnishing high-quality original information. The amount of these rewards can be considerable. In 2013, a Justice Department settlement with five of our largest mortgage servicing companies resulted in an award of $46 million to a group of whistleblowers.

The Consumer Financial Protection Bureau (CFPB) is a federal agency that regulates consumer finance markets. It makes and enforces rules which are effective in giving consumers the information they need to make good financial decisions. Supporters say this agency is a good candidate for whistleblower protections.

Pending Legislation: H.R.2465 - Financial Compensation for CFPB Whistleblowers Act
Sponsor: Rep. Al Green (TX)
Status: House Committee on Financial Services
Chairperson: Rep. Patrick McHenry (NC)