South Dakota Sues Wayfair, NewEgg, Overstock And Systemax Over Lost eCommerce Revenue

PYMNTS

It’s a big litigious party out in South Dakota these days, as the state is suing four eCommerce merchants for their lost sales tax – and different merchants (in a separate suit) are suing right back. North Dakota. North Dakota.”. Supreme Court precedent that retailers around the nation have relied upon for decades. The group’s suit claims the South Dakota law violates the U.S. Regulation Retail sales tax South Dakota

Best Personal Loans in South Dakota in 2020

MyBankTracker

In South Dakota, most of the largest banks in the state offer personal loans. Since South Dakota residents have a high average credit score (according to FICO), personal loans may come at a low interest rate. Best Personal Loans in South Dakota.

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South Dakota Approves 36% Rate Cap on Payday Lenders

American Banker

Voters in South Dakota on Tuesday overwhelmingly approved a measure to cap interest rates on payday, installment and auto title loans at 36%, while rejecting a competing amendment sponsored by a large payday lender. breaking_news consumer-finance law-regulation sd payday marketplace-lending national-regional

Coronavirus surge in Upper Midwest has bankers on edge

American Banker

The region now leads the nation in virus cases, and with winter lurking the fear is that the outbreak will only get worse. South Dakota Credit quality Workforce management Coronavirus Consumer banking North Dakota Community banks Wisconsin

Bitcoin Daily: Anchorage Crypto Startup Sets Up Shop In Sioux Falls; Crypto Scam Steals $900K From Pension Fund

PYMNTS

Before I begin my questions, I just want to take a moment to commend the South Dakota Division of Banking for their forward-thinking and willingness to allow for innovation in the digital currency space. Another founding member of the Libra Association, Anchorage , just received permission from the Division of Banking to become a South Dakota chartered trust company,” he said, according to CoinDesk.

Gamblers Descend On Reopened S. Dakota Casinos

PYMNTS

Casinos in Deadwood, South Dakota are opening up again , complete with pictures of enthusiastic gamers clad in masks as they crowd around card and dice tables. Safety and Security casinos crowds Deadwood Gaming Liv Hospitality pandemic reopen shutdown South Dakota What's Hot

1 st National Bank Offers Multi-State FNB Cash Checking

BankDeals

1 st National Bank offers its FNB Cash Checking (2.50% APY, up to $35k) in Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin

First National Bank Of Omaha Shutters NRA Visa Card

PYMNTS

First National Bank of Omaha announced that it is not renewing a contract with the National Rifle Association (NRA) to offer customers an NRA-branded Visa card. First National Bank of Omaha offered two NRA cards with a $40 bonus and promoted it as “enough to reimburse your one-year NRA membership!” ” Customers lashed out at the bank via Twitter, promising to take their business elsewhere if First National didn’t cut ties with the NRA.

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What The Streamlined Sales And Use Tax Agreement Means After Wayfair

PYMNTS

Economic nexus and marketplace facilitator tax policies rolled out following the 2018 South Dakota v. SSUTA’s Role in South Dakota v. The court did cite South Dakota’s SSUTA membership when allowing South Dakota’s online sales tax law to stand.

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How AML Regulations Are Pulling Credit Unions Into Law Enforcement

PYMNTS

In Rapid City, South Dakota, for example, MED5 Federal Credit Union (MED5 FCU) launched an upgraded website after collaborating with the FinTech OMNICOMMANDER , which works to provide CUs with a variety of online tools, including web design, social media and marketing services. Communication and engagement with members is an essential part of any credit unions’ (CUs’) retention strategy.

Bitcoin Daily: OCC Grants Crypto Firm Anchorage Conditional Digital Banking License; Crypto Exchange RG Coins Owner Arrested For Money Laundering

PYMNTS

With the national trust bank charter, South Dakota-based Anchorage will become Anchorage Digital Bank , National Association.

Confronting Wayfair’s Unanswered Questions

PYMNTS

The 2018 South Dakota v. Marketplace facilitator laws have been particularly murky, as many are written in broad terms that have complicated compliance for eCommerce platforms, according to Rachelle Bernstein, vice president of government relations and tax counsel for the National Retail Federation (NRF), a Washington, D.C.-based Wayfair ruling paved the way for broadened U.S. tax laws, and some businesses and public sector stakeholders are now pushing back.

Who Pays A Higher Price For Online Sales Tax?

PYMNTS

The 2018 South Dakota v. South Carolina, though, is attempting to retroactively collect taxes from Amazon. Amazon expressed concern over the potential ruling during a July quarterly report, fearing that the ruling could set a precedent and that “if South Carolina or other states were successfully to seek additional adjustments of a similar nature, [the company] could be subject to significant additional tax liabilities.”

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NRF On The Case For Revising eCommerce Sales Tax Laws

PYMNTS

The 2018 South Dakota v. Small retailers may be struggling with Kansas’ law, but large retailers are meanwhile coming under fire in South Carolina. A court ruled in South Carolina’s favor recently and its decision could potentially require Amazon to pay millions of dollars for more than three years of unpaid sales taxes.

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What ‘Patchwork’ eCommerce Taxes Mean For Black Friday – And Beyond

PYMNTS

As has been well-reported in this space, the regulatory landscape is changing for companies in the wake of the 2018 Supreme Court decision captioned South Dakota v. For some of these people who have been audited by South Dakota, they have no idea that the next letter they are going to get will come from New York,” Peterson said.

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Why US Credit Card Fraud Complaints Are On The Rise

PYMNTS

The state led the nation for the most per capita credit card fraud complaints for the second year in a row, with 7,999 complaints in 2015. On the other end of the spectrum, South Dakota saw only 7.98 Credit card fraud complaints in the U.S. saw the biggest increase in 10 years in 2015, with the number rising by 41 percent.

SMB Tax Complexity Preserves Role For The Human Accountant

PYMNTS

Last year, the Supreme Court’s ruling in South Dakota vs. Wayfair Inc. The effects of the ruling continue to ripple for small firms — 86 percent of which are apparently not prepared to manage the tax implications of the Supreme Court’s decision, researchers at the National Association of Enrolled Agents (NAEA) found in the 2019 Enrolled Agent Tax Season Survey.

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Apple Watch Earns Pro QB $5K Scolding From NFL

PYMNTS

Add another job to that list: fine generator for the National Football League (NFL). The new schools include the University of San Francisco, University of Vermont, Arkansas State University, South Dakota State University, Norfolk State University, Louisburg College, University of North Alabama, Chowan University, Clemson University, Georgetown University, University of Tennessee and the University of Kentucky.

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Economic Nexus Laws’ Unexpected Impacts On Restricted Substance Retailers

PYMNTS

State governments began rolling out economic nexus laws after 2018’s South Dakota vs. Wayfair ruling. Companies in states with low to no tobacco taxes — such as Florida, North and South Carolina, Texas and Virginia — have enjoyed the financial advantages of these lower costs of doing business, which have given them resources for better boosting their online presences. eCommerce sales tax laws are having unintended consequences in the tobacco industry.

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CFPB issues second monthly complaint report

CFPB Monitor

South Dakota, New Mexico, and Alaska experienced the greatest complaint volume decrease from the same time last year, with South Dakota down 31 percent, New Mexico down 16 percent, and Arkansas down 11 percent. Mortgages were the product most-complained-about product, with mortgage complaints submitted by Los Angeles consumers constituting 35 percent of total complaints as compared to 28 percent of total complaints nationally. Barbara S. Mishkin.

Where The Tax Man Will Knock Louder Post-Wayfair — And Sooner

PYMNTS

Last year, in the case of South Dakota v. tax authorities are likely to take a cue from Brazil and other nations, where digital taxation has moved ever closer to the transaction. The tax man looms across state and international borders, searching for digitally derived dollars due — scanning sites, platforms and even pop-up stores. For retailers and other firms, there’s the persistent lure of broadened reach into new markets.

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Ballard Spahr Submits Comment Letter to OCC in Support of Proposed True Lender Rule

CFPB Monitor

Ballard Spahr LLP has submitted a comment letter to the OCC in support of its proposed rule , “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”). Citibank (South Dakota), N.A.,

The Fed On Bitcoin: Much Ado About Nothing

PYMNTS

If you live in any modern advanced economy, I would stick with the dollar, I would stick with the yen and leave bitcoin for the, you know, toy collectors,” Kashkari said during a town hall meeting in Pierre, South Dakota. Bitcoin and the like do all-right in an environment where there is low or no trust, they noted – say, Greece in 2015, when the debt crisis was so severe it seemed possible the nation would leave the euro zone.

OCC targets BSA/AML compliance by Anchorage Digital Bank – only 15 months after granting bank charter to the crypto custodian

CFPB Monitor

In January 2021, the OCC granted Anchorage conditional approval for a national trust bank charter.

What Is Powering The Emerging Pawnaissance?

PYMNTS

Pawn shops, historically speaking, are “mom and pop” operations, and not the kinds of outfits that tend to attract eight-figure investments in the form of an $80 million senior credit facility to fuel their national and global expansion. As of 2019, Smart Financial operates around 87 pawn shops spread across Arizona, Georgia, Illinois, Iowa, North Carolina, North Dakota, Oklahoma, South Dakota, Texas, Virginia and three Canadian provinces.

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From Farce to Menace

Independent Banker

It’s yet another disturbing proposal from the National Credit Union Administration to bureaucratically finagle its way around Congress and federal law. Even more obviously absurd, one provision would allow community credit unions in seven states—Montana, Alaska, Delaware, North Dakota, South Dakota, Vermont and Wyoming—to serve their entire state. By Camden R. Fine, President and CEO of ICBA. So here we go again.

Banking's Top 5 in Total Return to Shareholders: 2019 Edition

Jeff For Banks

billion in asset financial institution based in Sioux Falls, South Dakota. On the lending side they provide customized business capital solutions nationally for small and mid-sized businesses with innovative lending to niche markets.

CFPB February 2017 complaint report highlights credit reporting complaints, complaints from Louisiana consumers

CFPB Monitor

General findings include the following: As of February 1, 2017, the CFPB handled approximately 1,110,100 complaints nationally, including approximately 29,700 complaints in January 2017. Georgia, South Dakota, and Mississippi experienced the greatest complaint volume increases from the same time last year (November 2015 to January 2016 compared with November 2016 to January 2017) with increases of, respectively, 59, 43, and 34 percent. Barbara S. Mishkin.

Young Consumers Love to “Buy Now, Pay Later” – Here’s What to Know About the Explosive Fintech Trend

Perficient

Pay in 4 is not currently available for residents of Missouri, New Mexico, North Dakota, South Dakota, Wisconsin, or any US Territories.

California Dreamin’ (Of A Higher Minimum Wage)

PYMNTS

The $15 hourly minimum wage would be the highest in the nation, and the proposal represents a potential game-changer in the battle to raise the federal minimum wage, which currently stands at $7.25 As The Christian Science Monitor notes, the governor of New York is already pushing for a statewide hourly minimum of $15 by July 2021, while states like Maryland, Nebraska, Alaska, South Dakota and Illinois have elected to increase their respective minimum wages (albeit to lesser degrees).

State Developments Regarding Work From Home (Non-Depository)

CFPB Monitor

There continues to be a trend towards extending, and in some cases, codifying through regulation or statute, emergency COVID-19 guidance enabling work from home.

CFPB March 2016 complaint report highlights debt collection complaints, complaints from Florida consumers

CFPB Monitor

Hawaii, Maine, and South Dakota experienced the greatest complaint volume decreases from the same time last year (December 2014 to February 2014 compared with December 2015 to February 2016) with decreases of, respectively, 25, 19, and 14 percent. Nationally, mortgage complaints averaged about 26 percent of all complaints received by the CFPB.). Nationally, debt collection complaints averaged about 26 percent of all complaints received by the CFPB.). Barbara S.

CFPB Feb. 2016 complaint report highlights prepaid card complaints, complaints from Texas/Houston metro area consumers

CFPB Monitor

General findings include the following: As of February 1, 2016, the CFPB handled approximately 811,700 complaints nationally, including approximately 21,800 complaints in January 2016. Hawaii, the District of Columbia, and South Dakota experienced the greatest complaint volume decreases from the same time last year (November 2014 to January 2015 compared with November 2015 to January 2016) with decreases of, respectively, 15, 13, and 10 percent. Barbara S. Mishkin.

Money transfer complaints highlighted in CFPB December 2015 complaint report

CFPB Monitor

General findings include the following: As of December 1, 2015, the CFPB handled approximately 770,100 complaints nationally, including approximately 21,000 complaints in November 2015. The states with the greatest complaint volume decreases from the same time last year (September to November 2014 compared with September to November 2015) were Montana, Oklahoma and South Dakota with decreases of, respectively, 10, 10 and 7 percent. Barbara S. Mishkin.

Sizzle Or Fizzle: Facebook, Online Lending, Cash – And The Twilio Surge

PYMNTS

This week it was Minnesota, and then yesterday Walmart really got warmed up and announced the expansion of their new payments service in: Michigan, Virginia, the Carolinas, Indiana, Iowa, Kentucky, Nebraska, North Dakota, South Dakota, Tennessee, Louisiana, Missouri, Mississippi and Washington, D.C. From Facebook to cash, the week’s sizzles and fizzles span a diverse lot. Then there’s tech unicorn, Twilio, which nearly doubled on its first day of trading.

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