The Carolinas Credit Union League welcomed SC Banking Commissioner Bob Davis and 14 credit union representatives to its Irmo office on Tuesday for an SC Board of Financial Institutions Update. The meeting provided credit unions an opportunity to hear from Commissioner Davis on the recent changes he has made in his department, including changing various staff roles and procedures, signing the NASCUS interstate agreement, and shorting the amount of time to receive final examination results.
Participants then heard from CCUL President and CEO Dan Schline and VP, Compliance & Regulatory Counsel Jeanne Couchois regarding S. 337, the League-supported legislation that is making changes to the SC Credit Act. Couchois went on to give an in-depth briefing on how the SC Credit Act compares to the federal one, especially as it relates to state vs. federal charters.
The meeting also included an open forum discussion between credit unions and the state regulator.
“It was great to have so many credit unions in attendance today,” said Schline. “The fact that we had a mix of federal charters and state charters here signifies that the dual-system format is important to our credit unions. Through a lot of hard work, we were successful in passing this meaningful legislation, and I look forward to working with Commissioner Davis to further improve the SC Credit Union Act and regulatory environment.”
SC Banking Commissioner Bob Davis (left) and CCUL's Jeanne Couchois (right) speak with credit union representatives during the League's SC Board of Financial Institutions Update on Tuesday, Oct. 9.