Isaac Boltansky of Compass Point has issued an estimated timeline for the CFPB’s payday loan rulemaking that includes a July 2015 expected date for the CFPB’s release of a proposed rule.

Mr. Boltansky estimates that the CFPB will initiate a small business panel pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA) this month, conclude the SBREFA process in April 2015, and issue its proposal in July 2015. He then expects the comment period on the proposal to end in October 2015, with a final rule to be released in January 2016 that becomes effective in January 2017.