The CFPB has issued an interim final rule with a request for public comment on its new rules of practice for the issuance of temporary cease-and-desist orders (“Temporary C&Ds”). The Bureau is authorized to issue Temporary C&Ds under Section 1053(c) of the Dodd-Frank legislation. That provision, similar in many respects to the comparable provision in the Federal Deposit Insurance Act, authorizes a Temporary C&D as an adjunct to a cease-and-desist proceeding (the “case in chief”) brought under Section 1053(b) against a covered person or a service provider.… Continue Reading