The Consumer Financial Protection Bureau has begun accepting tips from “whistleblowers” on potential violations of federal consumer financial laws. Those reporting violations can do so through a phone call or email to the CFPB’s whistleblower channels.
“We are providing whistleblowers and other knowledgeable sources with a direct line of communication to the CFPB,” said Rich Cordray, Assistant Director of Enforcement for the CFPB. “Their tips will help inform Bureau strategy, investigations, and enforcement. And they will help us fulfill our commitment to consumers.”
The agency is urging current and former employees, contractors, vendors and competitor companies to report information about potential violators, and notes that the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act provides certain anti-retaliation protections for employees of providers of consumer financial products and services who share this type of information.
This reporting avenue is completely separate from consumer complaints, the CFPB noted.
Mortgage companies fall under the authority of the CFPB, which has recently begun collecting mortgage complaints—including reverse mortgage complaints—from borrowers through an online portal. The agency also has an ongoing effort to revamp mortgage disclosures and is currently soliciting feedback and is testing prototypes of the new disclosure documents.
The CFPB is still without a director, after Republican senators blocked the nomination of Cordray in a Senate hearing in December. The former Ohio Attorney General was nominated by President Obama in July.
Read more about whistleblower tips and how to report them.
Written by Elizabeth Ecker