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CFPB issues final rule on temporary cease-and-desist orders

Posted in CFPB Enforcement

In a notice published in today’s Federal Register, the CFPB has announced that it has adopted its interim final rule on temporary cease-and-desist orders (C&Ds) without change.  The final rule takes effect on July 18, 2014. 

The CFPB is authorized to issue temporary C&Ds under Section 1053(c) of Dodd-Frank.  That provision authorizes a temporary C&D as an adjunct to a cease-and-desist proceeding brought under Section 1053 against a covered person or service provider.  A temporary C&D is effective immediately upon service and remains in effect unless modified or terminated administratively by the CFPB or set aside on judicial review.