Student loan giant Sallie Mae’s plans to spin off its education loan management and consumer banking units into separate companies appear to be progressing, but could get sidetracked or shut down entirely by the CFPB, which recently slapped the firm with a cease-and-desist order. In September 2013, Sallie Mae Inc. “received a cease-and-desist order from the CFPB as part of its separate investigation regarding SMI’s payment allocation practices and procedures,” parent SLM Corp. said in a filing with the Securities and Exchange...