Regulation

Eighteen states and the District of Columbia have legalized medical marijuana, and some dispensaries enjoy millions of dollars in annual sales. However, such establishments may not be ideal clients for ISOs unless they and their sale agents exercise caution, say those who work with the medical marijuana industry.

Ian Hermon, product marketing manager at Plantation, Fla.-based Thales e-Security Inc. spoke to PaymentsSource about the obstacles and options facing the U.S. payments industry during its multiyear migration to EMV cards.

An Australian telecommunications company created a phony collection firm that sent letters to consumers and operated a sham complaints hotline, according to the Federal Court of Australia.

Hundreds of protestors showed up at the home of Edward DeMarco, acting director of the Federal Housing Finance Agency, calling for an end to his tenure with an already penned resignation letter awaiting his signature.

Rep Jeb Hensarling, chairman of the House Financial Services Committee, said the panel will not accept testimony from CFPB Director Richard Cordray on the agency's semi-annual report, arguing that he was not legally appointed to the position.

Federal Reserve Board Chairman Ben Bernanke will be missing at this year's Jackson Hole symposium due to a personal scheduling conflict, a Fed spokesman said Monday.

The Consumer Financial Protection Bureau announced Monday that it was restructuring the agency to add an office that will directly deal with financial institutions and their trade groups.

Navy Federal Credit Union, the largest such institution in the U.S., is unlikely to be designated systemically important, according to a member of the Financial Stability Oversight Council.

After lobbying efforts on Capitol Hill failed, banks that rely heavily on deposits from Latin America are going to court to halt new regulation that requires them to report to interest paid to nonresidents.

The National Credit Union Administration has certified last month's member vote at HarborOne Credit Union in Brockton, Mass., to convert to a mutual savings bank.