Since the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in 2010, there has been a significant rise in complaints filed under the Consumer Financial Protection Act (CFPA), with a corresponding drop of SOX complaints filed through the Occupational Safety and Health Administration (OSHA). The total amount of whistleblower complaints has been on an upward trend over the past decade, largely due to the passage of Dodd-Frank, more pro-employee rulings in the courts and more overall publicity related to big whistleblower cases.
Dodd-Frank is largely known for the anti-retaliation laws it enforces through its whistleblower bounty program, but it also includes anti-retaliation protection under the CFPA for whistleblowers that report information about wrongdoing to the Bureau of Consumer Financial Protection (CFPB). Under the anti-retaliation provisions of the CFPA, all employees that work in consumer financial service and product industries are protected from any sort of retaliation from their employers if they report violations.
Since the CFPA was enacted in 2010, whistleblower complaints submitted to OSHA have increased dramatically. There were only six complaints in 2011, but there were 47 submitted in 2014, and the trend looks to continue to increase. The recent increases are likely due to the initial controversy surrounding the creation of the CFPB that led to regulations not being issued until 2013.
SOX filings with OSHA have decreased steadily since 2010, likely due to the fact that Dodd-Frank basically allows SOX claims to be asserted in federal court without having to first pass through OSHA.
These numbers show that we are in an age that’s affording unprecedented protections to whistleblowers. If you are aware of any type of fraud or wrongdoing within your organization, there has never been a better time to step forward and alert the proper authorities. For legal assistance regarding this process, speak with the skilled Dallas attorneys at Whistleblower Law for Managers.