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CFPB | RIN: 3170-AA29 | Publication ID: Fall 2014 |
Title: Rules of Practice for Issuance of Temporary Cease-and-Desist Orders | |
Abstract:
Under section 1053(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB is authorized to issue a temporary cease and desist order against a person subject to a notice of charges if: (1) The violation specified in the notice of charges is likely to cause the person to be insolvent or otherwise prejudice the interests of consumers before the completion of the underlying proceedings or (2) the person's books and records are so incomplete or inaccurate that the CFPB is unable to determine the financial condition of that person or the details or purpose of any transaction or transactions that may have a material effect on that person's financial condition. Such temporary order may require the person to cease and desist from any violation or practice, and/or to take affirmative action to correct its practices or records, and is appealable in Federal district court within 10 days of its service. An interim final rule implementing section 1053(c) was published in the Federal Register on September 26, 2013. The CFPB is reviewing the comments received on the rule. |
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Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Info./Admin./Other |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 1081 subpart E | |
Legal Authority: 12 USC 5563(e) 12 USC 5512(b) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: John Coleman Legal Division Consumer Financial Protection Bureau Phone:202 435-7550 |