S. 337 unanimously passes full Senate Banking and Insurance Committee
Wednesday, February 28, 2018
|“It’s been a long time coming,” said Senator Sean Bennett (SC-Dist 38) today as he reflected on the more than year-long work between credit unions and bankers to reach a compromise on the S. 337 bill which seeks to update the SC Credit Union Act.
Another hurdle has been cleared as S. 337, the SC Credit Union Act, passed the full SC Senate Banking and Insurance Committee today with a unanimous vote. The bill seeks to provide parity between state charter and federal credit union designations thereby making state-chartered credit unions more viable in the marketplace. The bill also provides the statutory authority (which does not exist today) for a state charter to have a community charter.
“The success of today’s vote is a testament to the ongoing engagement by credit union staff and members, who without a doubt, help strengthen our lobbying efforts as they reach out to their local senators,” said Billy Boylston, VP of governmental affairs for the League.
The bill now heads to the entire Senate floor for a vote. Given the legislative calendar, the earliest the bill may come up for a vote is next Wednesday, March 7. However, the Carolinas Credit Union League will notify credit unions in the coming days when a date is confirmed.
“With only 11 of 67 South Carolina credit unions designated as state charter, it’s clear updating the SC Credit Union Act is much needed,” added Boylston. “There is still much work ahead, but we are ready to meet the challenge and get this bill passed.”
To learn more about this grassroots initiative and how you can get involved, see resource links below.
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