South Carolina enacts Servicemembers Civil Relief Act

CFPB Monitor

On April 26, the South Carolina Servicemembers Civil Relief Act (the “Act”) was signed into law and went into immediate effect. The Act expands servicemember protections in a few important ways: the Act’s definition of “military service” covers members of the South Carolina National Guard who are on active duty (as defined by the statute) for a period of more than 30 days; the Act’s protections extend to dependents of servicemembers engaged in military service; and.

CenterState, South State plan $3.2B merger

American Banker

Community banking M&A Growth strategies South Carolina FloridaThe deal will create a bank with $34 billion in assets and operations stretching from Virginia to Florida.

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HCSB in South Carolina Raises $45M, Names New Chief

American Banker

HCSB Financial in Loris, S.C., said Jan Hollar would become its chief executive after a $45 million recapitalization led by Castle Creek Capital Partners. people breaking_news sc dealmaking-strategy community-banking

Banks find a cheat code to catch up on digital: Merging

American Banker

CenterState and South State are the latest regionals to announce a deal driven heavily by the need to compete with larger banks that can afford to spend more on cutting-edge technologies. Community banking M&A Digital banking Capital Florida South Carolina

United Community to Buy Tidelands in South Carolina

American Banker

The deal, expected to close in the third quarter, would set United up to cross over $10 billion in assets, where it would face mandatory stress testing and caps on interchange fees, among other things. breaking_news community-banking m-a ga sc dealmaking-strategy

Moving from Teller Cash Dispensers to Recycling Technology Transformed the Branch Environment at South Carolina's Largest Credit Union

ATM Marketplace

Founders Federal Credit Union prides itself on looking forward to what’s next in banking technology

Carolina Financial to Buy Greer Bancshares in S.C.

American Banker

Carolina Financial in Charleston, S.C., has agreed to buy Greer Bancshares in South Carolina. breaking_news community-banking m-a sc dealmaking-strategy

HCSB Financial in S.C. Freed from Regulatory Order

American Banker

and the South Carolina State Board of Financial Institutions. The $381 million-asset company said its bank was no longer under a consent order with the Federal Deposit Insurance Corp. breaking_news sc community-banking

ABA Chairman Blanton's Bank to Sell for $335 Million

American Banker

South State in South Carolina has agreed to buy Southeastern Bank Financial in Georgia, which is run by Daniel Blanton, the chairman of the American Bankers Association.

Will the Last CertusBank Employee Please Turn Off the Lights?

American Banker

Lola Hart, who oversaw the liquidation of the controversial CertusBank in South Carolina, has been hired as the chief accounting officer of Entegra Financial in Franklin, N.C. breaking_news consumer-finance dealmaking-strategy strategic-alternatives nc community-banking

Report Shows US Small Towns Lost 14 Pct Of Banks Between 2012-17


Allendale, South Carolina, a modest but previously healthy small town, has felt the economic pain of losing multiple bank branches.

Main Street, USA = Community Financial Institutions + Small Businesses


Since 2016, the team put on more than 20 free seminars taking place in locations from Oregon and Washington state to South Carolina, Texas, and Michigan. Our Small Business Revolution – Main Street team recently finished its 2019 series of small business marketing seminars.

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Data Shows China Slowdown Much Worse Than China Admits


The South Carolina company has two Chinese factories. China’s second-quarter economic data shows a 6.2 percent growth; however, economists and investors believe the numbers are worse than what is being officially released, The Wall Street Journal reported. .

Walmart Will Test New Healthcare Programs In Bid To Cut Costs


The company is also going to test a concierge service in North Carolina and South Carolina, where employees will get help finding a provider, fixing appointments, understanding a diagnosis and with billing.

Potential $20M Real Estate Sale Looks To The Blockchain


In this case, the real estate is located in South Carolina, and is tied to a luxury student residence located near the University of South Carolina known as “The Hub.”. In the digital payments space, it used to be people built holdings of tokens.

IP Address Fraud Case Shows Ease Of Hiding Identity On The Web


District Court in South Carolina. The lawsuit against Amir Golestan and his web-services provider firm Micfo is shedding light on the ecosystem that governs the world of online spammers and hackers, a Wall Street Journal article said on Monday (Feb.

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Chase Plans Expansion In Top US Markets In 2019


The new locations will include Charlotte, North Carolina; St. Louis, Missouri; Pittsburgh, Pennsylvania; Kansas City, Kansas and Greenville, South Carolina, among others.

$20M Real Estate Sale Looks To The Blockchain


In this case, the real estate is located in South Carolina, and is tied to a luxury student residence located near the University of South Carolina. In the digital payments space, it used to be people built holdings of tokens.

When Does An Employee’s Post Go Too Far?

New York's State of Mind

That is the question I have been asking myself since reading this article in the CU Times reporting that MTC Federal Credit Union based in Greenville, South Carolina fired one of its loan officers […]. How much can you, or should you, discipline employees for comments they make on their own social media accounts, like Facebook?

CFPB Rolls Out Innovation Regulator Network


Inaugural members of ACFIN include state attorneys general of Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee and Utah.

What Exit Strategy? Struggling Banks Can Still Find Big Investors

American Banker

HCSB Financial in South Carolina recently raised $45 million from a group led by Castle Creek Capital Partners, showing that big investors are still comfortable placing bets on financial firms.

Instacart And Publix Team Up For Instacart Meals App


Publix, which is based in Lakeland, Florida, and has over 1,200 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia, has partnered with Instacart before, having worked with the app since 2016.

Pawn Shops, Payday Lenders Benefit From Gov’t Shutdown


The Financial Times pointed to South Carolina-based World Acceptance for one example. The partial government shutdown, which is now in its fourth week with no sign of ending, is helping out at least two industries: pawn shops and payday lenders.

Walmart Adds Two Global Governance Leaders To Support Financial Services


She earned her bachelor’s of arts in economics from Rutgers University and her master’s in business administration from the University of South Carolina. To help advise its financial services business as one global team, Walmart has added two new global governance leaders.

Furloughed Government Workers Moonlight With Uber


The Financial Times pointed to World Acceptance out of South Carolina as one example. With the partial shutdown in the Federal government now in its 33rd day, furloughed workers are freelancing with Uber, the ride-hailing company, to shore up cash.

Postmates Is Now Available In 60 Percent Of U.S. Households


The company listed Providence, Rhode Island; Colombia, South Carolina; Little Rock, Arkansas and Athens, Georgia as newly-added service areas. Postmates announced that it is expanding into 134 new cities so that it now covers 60 percent of the U.S.

Who Pays A Higher Price For Online Sales Tax?


The 2018 South Dakota v. South Carolina, though, is attempting to retroactively collect taxes from Amazon.

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CFPB continues to target pension advance products structured as purchases

CFPB Monitor

The CFPB and the South Carolina Department of Consumer Affairs have filed a lawsuit in federal district court in South Carolina against two companies and their individual owner that alleges the defendants violated the Consumer Financial Protection Act and the South Carolina Consumer Protection Code (SCCPC) by brokering high-interest loans to consumers that were marketed as purchases of the consumers’ future pension or disability payments. The complaint alleges that the majority of the transactions involved veterans with federal disability pensions or other pensions issued to veterans. It also alleges that the defendants assessed the creditworthiness of consumers before entering into the transactions and allowed consumers to repay the contracts from sources other than the contracted-for income streams. The complaint alleges that the defendants violated the CFPA by: Misrepresenting to consumers that the brokered contracts were valid and enforceable when, in fact, they were void and illegal because federal law prohibits the assignments of veterans pensions and South Carolina law prohibits assignments of pensions as security for payment of a debt arising out of a consumer loan. Misrepresenting to consumers that the transactions were sales when, in fact, they were high-interest credit offers. Failing to inform consumers about the interest rates on the transactions (which is alleged to be an unfair act or practice). The complaint alleges that the defendants violated the SCCPC by: Engaging in the business of making supervised loans (i.e. consumer with loan finance charges greater than 12% per year) without a license. Failing to file notification with the SC Department of Consumer Affairs within 30 days of after commencing to make consumer loans in the state. Brokering contracts in which investors took assignments of pensions as security for payment of a debt arising out of a consumer loan. Engaging in unconscionable debt collection by filing actions for breach of contract and specific performance when they knew or should have known the transactions were prohibited by SC law. The CFPB has already announced two settlements this year involving brokers of transactions alleged to be high-interest loans to veterans that were marketed as purchases of the future pension or disability payments, one in January 2019 and the other in August 2019 (with the Arkansas Attorney General also a party). The new complaint indicates that companies whose products are structured as purchases rather than loans remain a CFPB focus under Director Kraninger’s leadership, particularly where the products are marketed to veterans. It is also a reminder of the need for all players in this space, including litigation funding companies and merchant cash advance providers, to revisit true sale compliance, both in the language of their agreements and in the company’s actual practices. (While the CFPB’s jurisdiction over small business finance is limited, this is not true of other enforcement authorities, such as state AGs.). CFPB Enforcement CFPB Monitor State CFS Monitor State Enforcement Usury assignment CFPB pension

NRF On The Case For Revising eCommerce Sales Tax Laws


The 2018 South Dakota v. Small retailers may be struggling with Kansas’ law, but large retailers are meanwhile coming under fire in South Carolina.

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CFPB Drops Investigation Into Lender That Donated To Mulvaney


According to American Banker , the Greenville, South Carolina-based company announced it received a letter from the consumer agency “indicating the investigation into the company’s marketing and lending practices has been completed.” It was pointed out that CFPB’s acting director Mick Mulvaney , who hails from South Carolina, received at least $4,500 from the company’s political action committee as a lawmaker.

Fear Climbs That Small Banks Are Taking On Too Much CRE Loan Risk


The bank took write-downs on loans secured by a mall property in South Carolina and a residential development in North Carolina, the analyst told the FT.

Medical Equipment Cos Charged In $1.2B Healthcare Fraud


Charges against the various defendants were brought in California, Florida, New Jersey, Pennsylvania, South Carolina and Texas. authorities announced that they have charged a number of individuals in connection with one of the biggest healthcare frauds ever prosecuted in the nation.

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CFPB Sends Out RFI Over Administrative Adjudications


According to American Banker , the Greenville, South Carolina-based company announced it received a letter from the consumer agency “indicating the investigation into the company’s marketing and lending practices has been completed. It was pointed out that Mulvaney, who hails from South Carolina, received at least $4,500 from the company’s political action committee as a lawmaker.

Remote Seller Taxation: A Job For Tax Automation


Aftershocks from the South Dakota v. Wayfair Supreme Court decision continue to rattle online merchants, as three states (California, Louisiana and South Carolina) are now trying to collect eCommerce sales tax retroactively, as far back as five years.

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CFPB and Utah AG announce joint office hours in Salt Lake City as part of ACFIN

CFPB Monitor

According to the Bureau’s press release, ACFIN’s members currently include attorneys general from Alabama, Alaska, Arizona, Colorado, Georgia, Indiana, South Carolina, Tennessee, and Utah, and state financial regulators from Florida, Georgia, Missouri, and Tennessee.

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Is Sales Tax An Anchor On Amazon?


This year, Slice Intelligence investigated Amazon purchases in two states where sales tax collection is required — Colorado and South Carolina. In South Carolina, Amazon’s sales were growing 3 percent faster in the pre-tax period than in three adjacent states and 5 percent faster after it began collecting sales tax.

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FedEx Mini-Stores Coming To 500 Walmart Stores


The pilot, according to news from CNBC — which is being tested at Walmart locations in North Carolina, South Carolina, Virginia, Arkansas, Texas and Colorado — has already exceeded expectations. FedEx is coming to Walmart in the form of internal shops that will help customers print, pack and ship out of 500 of the retailer’s locations nationwide.