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New CFPB Seeks Hot Tips on Financial Lawbreakers

– Posted in: consumer news

The new Consumer Financial Protection Bureau (CFPB) recently announced a program to catch persons and businesses violating financial regulatory laws.  It particularly seeks tips from company employees and insiders who know of an employer’s financial services violations.

The CFPB hopes that if it can learn of direct evidence from those in the know, it can quickly react to credible information before waiting for statistical blips driven by consumer complaints.


Congress created the CFPB in the wake of recent economic collapse.  As a new federal agency, the CFPB was given broad powers to enact regulations to prevent financial abuses.  It is especially required to address the financial abuses that gave way to wholesale collapse of financial institutions who bet on and against risky financial products.

Although its mandate includes heady subjects such as derivatives, credit default swaps, and exotic mortgages, the CFPB is also responsible for reigning in abusive debt collection, unfair credit reporting practices, and mortgage fraud.

The CFPB asks that tipsters email information that can be verified.  It requests that identifying information also be provided though it recognizes the uncomfortable nature of turning in an employer.  But, the CFPB says employees can learn of their whistleblower rights, if any, from the Department of Labor’s Whistleblower Protection Program website.

CFPB Promises Limited Confidentiality

In any event, the CFPB promises limited confidentiality as permitted by federal laws.  It provided a telephone number for anonymous tips:  855-695-7974.  Its email address and telephone number are not intended to receive complaints, however, as those should be directed to

Both tips and complaints can be about credit cards, mortgages, or other consumer financial product the CFPB said.

In addition to tipping off or complaining to the CFPB, PA & NJ consumers who are experiencing problems with unfair debt collection, unfair credit reporting, debt collection lawsuits, or in need of a bankruptcy consultation, should consult with the Consumer Rights Attorneys at Consumer Litigation Group.

Comments on this entry are closed.

  • Jamie

     That’s a good point.  There would have to be protection in place for the employee’s anonymity, I should think, and perhaps whistleblower protections like there are with financial crimes.

  • Anonymous

    But then again, there are people out there who have just been wishing there was a good way to report abuses they are seeing. There are a lot of people in lower to mid-level jobs who are privy to a good bit of information. Many of the financial lawbreakers out there have counted on there not being a good way for employees to report improprieties.

  • Anonymous

    So the CFPB wants whistleblowers! I think most employees are afraid to turn in the company they work for. It’s a tough economy out there, who would dare turn in your own company for fear you would be fired, or the company would be shut down?

  • Anonymous

     That’s an interesting point, Jake, and I suppose it’s likely there will be some bogus claims. However, it does say that the information given needs to be verifiable. Hopefully that will help to quickly weed out any false reports.

  • Jake

    I fully think consumers should complain when the companies do something wrong but I have a hard time condoning the encouragement of ratting out people. I think that can lead to a lot of smoke and mirrors from disgruntled employees rather than real tips.

  • Anonymous

    I hope that now that they FINALLY have a director they can get something positive done, and not just go along with the status quo which seems to be crush the little people.

  • Anonymous

    This sounds good to me, but I have a feeling they are going to be overwhelmed with “tips” to investigate and they’re not going to be able to keep up.

  • JennyL

    Now that we have a director of the Consumer Financial Protection Bureau, it’s time to kick some payday loan ass!!!

  • Jenny L.

    Without a director confirmed by the Senate, how can the CFPB begin with new protective regulations?

  • Anon

    I hope they get the bastards.