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South Carolina signs state-chartered interstate branching agreement

Wednesday, June 14, 2017   (0 Comments)
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Interstate branching for South Carolina chartered credit unions has become more accessible with the signing by the state of a cooperative agreement with 10 other states, as announced by South Carolina Commissioner of Banking Robert L. Davis on Thursday, June 8, 2017. The agreement, known as the 2009 Southeastern Regional Cooperative Interstate Agreement, now includes South Carolina, Alabama, Florida, Georgia, Illinois, Mississippi, Missouri, North Carolina, Tennessee, Texas, and Washington.

“By entering into this agreement, South Carolina is promoting interstate commerce and cooperation on a reciprocal basis among the participating states, as well as fostering parity with the federal credit union charter for South Carolina state-chartered credit unions.”

- Lucy Ito, NASCUS president/CEO

National Association of State Chartered Supervisors (NASCUS) President and CEO Lucy Ito said that by joining the interstate branching accord, South Carolina is promoting interstate commerce and cooperation on a reciprocal basis among the participating states, “as well as fostering parity with the federal credit union charter for South Carolina state-chartered credit unions.”

Ito added that the Southeastern agreement (as well as the NASCUS-developed 2015 Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions, which includes the states of Idaho, Illinois, Indiana, Kentucky, Michigan, Ohio, Oregon, Washington, West Virginia and Wisconsin) eases the procedural impediments for credit unions to branch across states.

“The agreements demonstrate that interstate branching is a viable choice for credit unions to extend their operations as state-chartered financial institutions, consistent with their strategic plans, should they choose to do so,” she said.

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