CFPB Unveils Whistleblower Award Plans, Guidance Program

Law360 (March 6, 2020, 8:26 PM EST) -- The Consumer Financial Protection Bureau said Friday it is launching a way for financial services providers to request advisory opinions from the agency and has asked lawmakers for authority to start a whistleblower award program, a move that came as the agency also released updated guidelines for earning enforcement credit. 

In an announcement, the CFPB said it will offer "clear guidance" to industry through its new advisory opinion program, which will allow companies to submit online requests for regulatory interpretations from the agency and browse the opinions generated from others' requests.

Proposed legislation the CFPB has submitted to Congress, meanwhile, would...

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