S. 2429 — Stop the Scammers Act

This section establishes a whistleblower award program for the Consumer Financial Protection Bureau (CFPB). (As background, the CFPB enforces Federal consumer financial laws, such as those prohibiting unfair, deceptive, or abusive acts or practices by financial institutions.) It requires the CFPB, in any administrative proceeding or court action resulting in monetary sanctions exceeding $1 million (i.e., penalties, disgorgement, restitution, or other relief), to pay one or more whistleblowers who voluntarily provide original information leading to successful enforcement—including settlements—between 10% and 30% (in aggregate) of civil money penalties collected, with payments from the Consumer Financial Civil Penalty Fund under section 1017(d); if less than $1 million in penalties is collected, the award to any single whistleblower is the greater of 10% or $50,000. Award amounts are determined at CFPB discretion based on factors including the information's significance, whistleblower assistance, deterrence value, and Fund availability. No awards are made to certain insiders (e.g., CFPB or covered agency employees at the time information is acquired), those criminally convicted or liable for the violation, planners or initiators of the conduct, submitters of duplicative information, or those failing to use required forms; anonymous whistleblowers must use counsel and later disclose identity before payment.