In 2014, the Consumer Financial Protection Bureau (CFPB) continued making quick progress in its approach to policing unfair, deceptive, and abusive acts and practices by the largest banks in the U.S., and various non-bank entities (including mortgage lenders) that offer or provide financial services. This year is expected to be just as busy for the regulator.

In 2015, the CFPB has its sights set on the auto lending industry. Because a significant aspect of the CFPB’s authority comes from its overlapping and exclusive jurisdiction over various consumer financial products and services, it can write consumer financial protection rules that extend its reach into previously unregulated entities, like auto lenders.

Under the proposed auto finance rule, the CFPB plans to target big auto lenders, those that originate 10,000 or more total auto loans or leases combined in a year. The CFPB estimates this would apply to 38 lenders, which together make up 91% of loans and leases among non-bank auto lenders. The auto finance divisions of large car manufacturers, including Toyota Motor Corp. and Ford Motor Co., would fall to oversight by the CFPB, putting them under federal supervision for the first time. (The CFPB already supervises banks’ auto-lending divisions).

Auto loans are the third-largest category of outstanding debt in U.S. households, behind mortgage and student loans. The new CFPB supervisory activities stem from the fact that automobiles and related financing play a big part in consumers’ lives. Nearly 90% of the American workforce commutes to work by car, and most drive solo.

The CFPB plan would help ensure that non-bank auto lenders don’t use deceptive practices to market leases or loans to consumers, discriminate against minorities, or fail to follow debt-collection laws. This includes the authority to supervise for compliance with the Equal Credit Opportunity Act, the Truth in Lending Act, the Consumer Leasing Act, and other Federal consumer financial laws.

For now, it appears the CFPB is still considering the potential benefits, costs and impacts of the proposed rule, but it’s expected to be in place in early 2015. Based on public comments submitted, the CFPB may or may not make changes to the proposed rule before it publishes the final version.

Increased regulatory scrutiny of the sector will likely require the affected auto lenders to make substantial investments in their compliance and quality assurance functions. Those lacking or with a deficient compliance management system will need to develop a program that address the specific CFPB risks and concerns raised by auto loans, and be prepared for CFPB exams that review compliance policies, processes, and procedures—plus relevant documents, records, and transactions.

CFPB exams involve thorough on-site examinations that can last months, and can result in enforcement actions and fines if a lender is found to be non-compliant. The Bureau has published a general examination manual describing its supervisory approach and procedures, noting it will structure exams to address various factors related to the regulated entities’ compliance with Federal consumer financial protection laws.