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UAC MAGAZINE • NOVEMBER/DECEMBER 2012


BUSINESS Dodd-Frank


Consumer Financial Protection Bureau Te Dodd-Frank Wall Street Reform and Con- sumer Protection Act (“Dodd-Frank”) provides whistleblower protection for employees of finan- cial services employers regulated by the CFPB. Section 1057 creates a private right of action for covered employees who suffer retaliation for dis- closing information about fraudulent or unlaw- ful conduct related to the offering or provision of a consumer financial product or service. Cover- age extends to organizations that extend credit or service or broker loans; provide real estate settle- ment services or perform property appraisals; provide financial advisory services to consumers relating to proprietary financial products, includ- ing credit counseling; or collect, analyze, main- tain, or provide consumer report information or other account information in connection with any decision regarding the offering or provision of a consumer financial product or service.


Commodity future trading Section 748 amends the Commodity Exchange Act to create a whistleblower incentive program and whistleblower protections similar to those in section 922 below including a new private right of action. One difference between sections 748 and 922 is the ability of a commodity whistle- blower to appeal any determination made by the Commodity Futures Trading Commission (CFTC) within 30 days. Protected conduct under section 748 includes providing information to the CFTC in accordance with the whistleblower incentive provision and “assisting in any investi- gation or judicial or administrative action of the [CFTC] based upon or related to such informa- tion.”


SOX Sections 922 and 929A of Dodd-Frank amends SOX by broadening the scope of coverage, increasing the statute of limitations, exempting SOX whistleblower claims from mandatory arbi- tration, and clarifying that SOX claims removed to federal court may be tried before a jury.


Whistleblowing laws (continued)


• Food Safety Modernization Act (FSMA), Section 402


• Foreign Corrupt Practices Act (FCPA), as enforced through Dodd-Frank


• Foreign Service Act of 1980 • IRS whistleblower rewards


• Inspector General of the Intelligence Community


• International Safe Container Act of 1977


• Jones Act (Maritime employees) [See also Seaman’s Protection Act]


• Jury Duty Act (for service on federal juries) • Labor Management Relations Act • Lloyd-LaFollette Act


• Longshoreman’s and Harbor Worker’s Compensation Act


• Major Fraud Act of 1989


• Migrant and Seasonal Agricultural Workers Protection Act


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• Military Whistleblower Protection Act • Monetary Transactions


• National Credit Union Act (NCUA) • National Labor Relations Act


• National Transit Systems Security Act of 2007 (NTSSA)


• Occupational Safety and Health Act • Patient Protection and Affordable Care Act • Pipeline Safety Improvement Act • Privacy Act • Public Health Service Act


• Racketeer Influenced & Corrupt Organizations Act (“RICO”)


• Railway Safety Labor Act • Railway Security


• Rehabilitation Act • Safe Containers for International Cargo Act • Safe Drinking Water Act • Sarbanes Oxley Act • Seaman’s Protection Act (SPA) as amended by Section 611 of the Coast Guard Authorization Act of 2010, P.L. 111-281


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