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Mortgage Whistleblowers Courted by CFPB

Multiple reporting channels announced

Dec. 15, 2011

By MortgageDaily.com staff


The regulator of consumer financial products has created several channels for employees of financial services firms to provide tips about crooked operators while maintaining anonymity.

The Dodd-Frank Wall Street Reform and Consumer Financial Protection Act provides anti-retaliation protection for mortgage and bank employees, as well as people employed by other providers of consumer financial products and services, when they report information about potential violations.

Whistleblowers can use the e-mail address [email protected] to report violations to the Consumer Financial Protection Bureau, the agency said in a news release Thursday.

Another option is to call the CFPB's tips hotline at 855.695.7974.

The regulator plans to add a website portal early next year for submitting tips.

In addition to current employees -- former employees, contractors and vendors can use the channels. Even competing companies can notify the CFPB about potential violations through the new channels.

"People who submit tips through any of these channels may request confidentiality or even remain anonymous to the extent permitted by law, although providing contact information may assist the bureau in investigating and remediating potential violations of federal consumer financial laws," the statement said.

In addition to employees who report violations, the Dodd-Frank act protects those who are terminated or face discrimination for testifying about a potential violation, filing a lawsuit or other proceeding under federal law or refusing to participate in violations of federal consumer financial laws.

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