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Steinmart moves on after SEC investigation
Steinmart didn’t admit wrongdoing and the Securities and Exchange Commission didn’t bring any charges, but concluding a nearly five year old accounting investigation still cost the company $800,000.
An $800,000 fine may not sound like much to retailers with annual sales in the billions, but Steinmart is relatively small, generating sales of $311 million from 269 stores in the second quarter. An $800,000 fine represents 20% of the company’s net income for the period.
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RILA refutes claims of retailers lagging in EMV compliance
The Retail Industry Leaders Alliance (RILA) is refuting public claims about retailers lagging behind banks and card networks in transitioning to EMV compliance. Randy Vanderhook, executive director of the Smart Card Alliance, said in a San Diego Union Tribune article that although consumers have largely been issued EMV-compliant chip cards, retailers have not been activating terminals or completing chip migration.

