CFPB Whistleblower Program Could Plug Enforcement Gaps

Law360 (April 2, 2020, 5:46 PM EDT) -- The Consumer Financial Protection Bureau is working with Congress to advance legislation that would create a whistleblower reward program similar to the successful the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission whistleblower programs passed in the wake of the Great Recession.

Enactment of this legislation could help plug an enforcement hole left by the proliferation of forced arbitration agreements and class action waivers now included in most contracts between consumers and financial services companies.

Historically, the private plaintiffs bar helped enforce consumer protection laws through single-plaintiff and class action proceedings brought under myriad state and federal statutes....

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