CCUL Headlines: Political

SC General Assembly ends, marking a banner year for credit unions

Thursday, May 17, 2018   (0 Comments)
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The 2nd session of the 122nd South Carolina General Assembly adjourned for the year pursuant to the Sine Die Resolution on Thursday, May 10.

This legislative session was a banner year for credit unions, as legislation was passed that impacts both state- and federally-chartered credit unions. Most notably, the League championed the passage of S. 337, which updates the SC Credit Union Act. Governor Henry McMaster signed the bill into law on Wednesday, May 16. The League also worked with Senator Grooms to get H. 4973 passed. This bill rectified a reinterpretation of a law by the DMV that made the use of transport tags by credit unions illegal.

S. 337 was a huge undertaking, as the powerful banking lobby was in opposition of the bill. In response to the bankers' opposition, the League partnered with CUNA to conduct a statewide poll on credit union awareness in the general public. Feedback from the poll showed a need to boost awareness and led to a partnership with Push Digital, a SC-based digital firm, to create MySCCreditUnion.com and a supporting Facebook page to promote credit unions and pass S. 337.

This campaign was extremely successful and allowed outreach to legislators through their constituents. Enough heat was generated that lawmakers finally put pressure on the banks to come up with a compromise bill and not just say they are opposed to the bill without justification. After many talks, compromise was reached and S. 337 was passed out of the SC General Assembly.

Thank you to all who contributed to the passage of this legislation by reaching out to legislators, contributing to social media efforts, and coming to committee meetings. While we have a lot of friends in Columbia, the League would like to recognize and thank bill sponsor Senator Tom Davis (Beaufort), Senator Grooms (Berkeley), House LCI Chairman Bill Sandifer (Oconee), and Representative Laurie Slade Funderburk (Kershaw).


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