Regulation

A federal judge dismissed a lawsuit seeking class-action status against collection agency General Collection and law firm Truell Murray & Associates, both based in Grand Island, Neb.

The Consumer Financial Protection Bureau has taken a cautious approach to its oversight of payday lenders so far, but is likely to issue new regulations covering the industry next year, according to several observers.

The Consumer Financial Protection Bureau issued a letter to student loan servicers asking them to voluntarily share their payment processing policies.

The Volcker Rule, enacted in the 2010 Dodd-Frank Act, has proved to be one of the financial reform law's most challenging provisions to implement. After more than three years, regulators are closing in on a final rule that is expected to be tougher than its first draft.

The Senate Banking Committee is making progress toward drafting legislation to overhaul the mortgage finance market, but one of the biggest unresolved issues is how much skin in the game private market participants must have in return for a government guarantee.

In a letter to servicers, a top CFPB official requests that student loan servicers show the options they've made available to borrowers who want to make extra payments on their loans.

The community development group Boston Community Capital is urging lawmakers to extend the Mortgage Forgiveness Debt Relief Act before it expires at the end of the December.

The short-term consumer loan product will either have to be overhauled or ditched in the wake of new regulatory guidance.

Increases in medium- and long-term interest rates still pose risks, but the Federal Deposit Insurance Corp.'s Quarterly Banking Profile revealed that a rate recovery can also have advantages.

Mercantile Bank (MBWM) in Grand Rapids, Mich., expects regulatory hang-ups to delay its acquisition of Firstbank (FBMI) in Alma, Mich.