What We Know

The CFPB Issues its 2015 Rulemaking Agenda

May 27, 2015 | by Caren D. Enloe

The CFPB recently published its Spring 2015 Rulemaking Agenda, and while the agenda provided few definitive dates, it did shed some light into the possible timing of several hot-button issues:

Payday Lending:

As they indicated in their Outline of Proposals, the CFPB has convened a Small Business Panel and anticipates issuing a proposed rule in late 2015.

Auto Lending Larger Participants:

The CFPB has indicated that they intend to finalize a proposal early this summer to define “larger participants” in the auto lending market.

Prepaid Financial Products:

The CFPB expects to issue a final rule in early 2016.

Mortgage Servicing Rules:

The CFPB expects to issue a final rule Spring 2016.

Mortgage Reform for Smaller Creditors Serving Rural or Underserved Areas:

A final rule is expected Fall 2015.


Other outstanding issues:


Currently, the CFPB is reviewing feedback and “considering whether rules governing arbitration clauses may be warranted.”

Debt Collection:

While many experts anticipated the CFPB would issue a proposed rule concerning Debt Collection in 2015, the CFPB has not committed to any such timeline. Instead, pre-rule activities involving qualitative testing by way of consumer surveys are expected to continue through the end of the year to assist in determining the scope and framework of any proposed rule.


The CFPB did not provide a timeframe but instead indicated they are continuing to conduct additional research to assess whether rulemaking is warranted.


Caren Enloe is a partner who concentrates her practice in consumer financial services litigation and compliance, bankruptcy, and commercial litigation with an emphasis on creditor’s rights. She has a deep understanding of the complex compliance environment surrounding the financial services industry and regularly advises financial service companies on licensing and compliance issues involving state and federal consumer protection and finance statutes. Caren is the author of a daily blog titled: Consumer Financial Services Litigation and Compliance where she posts timely and informative updates regarding the CFPB, FTC, and a host of topical litigation issues involving consumer protection law....LEARN MORE

919.250.2000 mail@smithdebnamlaw.com @smithdebnamlaw