Consumer Financial Protection Bureau Opens Whistleblower Complaint Hotline

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The Consumer Financial Protection Bureau (the "CFPB") recently went live with a telephone hotline and email address for tipsters and whistleblowers with information about potential violations of federal consumer financial laws, with an online tips portal to be launched early in 2012. "Tips will help inform Bureau strategy, investigations, and enforcement," said Richard Cordray, Assistant Director of Enforcement for the CFPB.

The Consumer Financial Protection Act (the "CFPA"), Title X of Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), enacted strong anti-retaliation protections for employees of consumer financial product and service companies who are retaliated against for disclosing information concerning fraudulent or unlawful conduct relating to a consumer financial product or service.

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Published In: Administrative Agency Updates, Consumer Protection Updates, Finance & Banking Updates, Labor & Employment Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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