What the Consumer Financial Protection Bureau ... - Venable LLP

CFPB SOLICITS WHISTLEBLOWERS• “We are providing whistleblowers andother knowledgeable sources with adirect line of communication to theCFPB,” said Rich Cordray, AssistantDirector of Enforcement for the CFPB.“Their tips will help inform Bureaustrategy, investigations, andenforcement. And they will help us fulfillour commitment to consumers.”• The whistleblower channels announcedinclude:• whistleblower@cfpb.gov;• (855) 695-7974; and• Website (to be launched)• The consumer finance whistleblowerprotections have significant implicationsfor legal and regulatory compliance andraise a number of challenges forproviders of consumer financial productsand services. Covered employers willneed to consider such issues as:• How to maintain legal and regulatory compliancewith consumer financial protection laws andregulations;• How to ensure that, to the extent there is a violationof consumer financial protection law or regulations,an employee will take advantage of internalreporting mechanisms as opposed to bypassingsuch mechanisms and going straight to the CFPB;• How to conduct internal investigations withoutencouraging whistleblowers; and• How to successfully mediate any problemsdiscovered.