S. 337 passes the SC Senate Banking and Insurance Subcommittee
Thursday, February 22, 2018
After more than a year of hard work, League-supported bill S. 337, which updates the SC Credit Union Act, passed the Senate Banking and Insurance (SBI) Subcommittee on Wednesday morning Feb. 21.
|Senator Tom Davis of Beaufort (2nd from right) leans in to a conversation with Sen. Sean Bennett of Summerville (far left) as Sen. Gambrell of Anderson (far right) listens in at Wednesday's SBI Subcommittee hearing.
Compromise bill language was adopted at the original subcommittee hearing in March 2017, but with contention from both sides the committee wanted to hear more before voting. In a second subcommittee meeting in April 2017, subcommittee members again heard testimony from both sides but ended without vote.
After months of advocacy work by credit union supporters, the Carolinas Credit Union League, and SBI Chairman Cromer (R-Newberry), further compromise language was reached and accepted by credit unions and banks. As written, S. 337 provides parity with federal credit unions in four key areas:
1. Check cashing and remittance services for non-members;
2. Board meeting participation via conference call or other electronic means;
3. Fixed assets; and
4. 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.
“We have spoken with a few of our state-chartered credit unions and they view the proposed changes as progress,” said CCUL VP of Governmental Affairs Billy Boylston following the hearing. “While this is a big step in the legislative process, there is still a lot of work ahead.”
The next step is to bring the bill before the full SC Senate Banking and Insurance Committee. This hearing is tentatively set for next Wednesday, February 28. CCUL Advocacy will share more details as they become available.
In the meantime, it’s important that credit union advocates maintain this momentum. Those not already involved can voice their support for the bill by visiting MySCCreditUnion.com and using the pre-populated email template to contact SC senators. Additionally, supporters can follow My SC Credit Union on Facebook and on Twitter to stay up-to-date on the latest with the campaign.
Questions about this campaign or other CCUL Advocacy initiatives may be directed to Billy Boylston at email@example.com or 800-822-8859, ext. 199.
Source: The Advocate (SC) - February 21, 2018