U.S. consumer finance regulator seeks to pay whistleblowers for tips

The head of the U.S. Consumer Financial Protection Bureau (CFPB) said on Friday that she is asking Congress to give the regulator power to pay whistleblowers for tips that help them track down wrongdoers. The authority, which would require legislation, would help the CFPB spot abuses, particularly in the area of fair lending, CFPB Director Kathy Kraninger told reporters. The proposal would offer whistleblowers a bounty in exchange for their tip, but only if the information leads to penalties against companies, Kraninger added. “We want to incentivize whistleblowers to contact us if they believe their employer is not complying with the law,” the watchdog said.

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