S. 337 passes House Labor, Commerce and Industry Committee
Thursday, April 26, 2018
The League-supported bill S. 337, which updates the SC Credit Union Act, passed the House Labor, Commerce and Industry (LCI) Committee on Wednesday, April 25. The bill now moves to the full House for a vote which is expected to take place next week.
|Prior to the House LCI Committee vote, CCUL EVP/COO Dan Schline testified before the subcommittee on Tuesday, April 24, advocating for support of the S. 337 bill.
Credit union supporters, the League, bill sponsor Senator Tom Davis (Beaufort), Senate Banking & insurance Chairman Sen. Ronnie Cromer (Newberry), and House Labor, Commerce, and Industry Chairman Bill Sandifer (Oconee) worked diligently to reach and pass compromise language accepted by credit unions and banks.
As written, S. 337 would enhance the state charter by providing parity with federal credit unions in four key areas:
- Check cashing and remittance services for non-members;
- Board meeting participation via conference call or other electronic means;
- Fixed assets; and
- Authority to have charitable donation accounts.
The bill also provides the statutory authority (which does not exist today) for a state charter to have a community charter.
Ahead of the full House vote, the Carolinas Credit Union League has issued a grassroots action alert encouraging South Carolina credit unions to contact their representatives to ensure they are aware of this important bill.
For questions about this grassroots initiative or other CCUL Advocacy developments in SC, please contact Billy Boylston or Maggie Ambrose.
S. 337 passes SC Senate, heads to House for subcommittee vote (3/15/18)