March 6, 2020 / 2:08 PM / a month ago

U.S. CFPB seeks Congress' authority to pay bounties for original tips on fraud, consumer abuses

WASHINGTON, March 6 (Reuters) - The head of the U.S. Consumer Financial Protection Bureau (CFPB) said on Friday that she has submitted to the White House for initial consideration a proposal requesting authority to pay whistleblowers whose tips help the agency charge lenders that violate laws and harm borrowers.

The measure, which is subject to final approval by Congress before it can be adopted, would help inform how the CFPB spots abuses, particularly in the area of fair lending, CFPB Director Kathy Kraninger told reporters. (Reporting by Katanga Johnson Editing by Chizu Nomiyama)

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