South Carolina

Carolinas League Seeks to Update the South Carolina Credit Union Act
February 26, 2020 — The Carolinas Credit Union League led the effort to introduce S. 1107, which updates both the state’s banking charter and credit union act. The amendments to the Credit Union Act would ease the regulatory burdens of credit unions and permit credit unions to better serve their members.

After a contentious battle over the substantial South Carolina Credit Union Act updates in 2018, the League conferred with lawmakers, regulators and bankers to craft non-controversial items that would benefit credit unions and banks. The updates S. 1107 makes to the credit union statute are as follows.

SECTION 12.    Section 34-26-350(2) of the 1976 Code is amended to read:

“(2) A credit union may maintain and dispose of other service facilities, including automated terminals, at locations other than its principal office upon approval of the commissioner. The maintenance of such facilities must be reasonably necessary to furnish service to its members or potential members.”

SECTION 13.    Section 34-26-530 of the 1976 Code is amended to read:

The board of directors shall act upon applications for membership or appoint one or more membership officers to approve applications for membership under such conditions as the board prescribes. Persons wishing to join a credit union must do so by written application which shall be acted upon in accordance with credit union procedure. A person denied membership by a membership officer may appeal the denial to the credit union board.”

SECTION 14.    Section 34-26-640(A) of the 1976 Code is amended to read:

“(A) The board of directors shall meet as often as necessary and at least monthly and at other times as is necessary quarterly.”

SECTION 15.    Section 34-26-645(13) of the 1976 Code is amended to read:

“(13) establish titles for all elected officers and senior management positions; and”

SECTION 16.    Section 34-26-1220 of the 1976 Code is amended to read:

“(1) A credit union incorporated under the laws of this State may be converted to a credit union organized under the laws of any state or under the laws of the United States, or a credit union organized under the laws of the United States or of any other state may convert to a credit union incorporated under the laws of this State.

(2) To effect such a conversion, a credit union must receive the approval of a two-thirds majority of the members voting in accordance with the credit union’s bylaws on the question of a charter conversion and upon the approval of the credit union’s current and future regulator.

(3)    The assets and liabilities of the predecessor credit union will vest in and become the property of the successor credit union subject to all existing liabilities against the predecessor credit union. Members of the predecessor credit union may become members of the successor credit union pursuant to this chapter.

New Commissioner of Banking named
Feb. 11, 2019 — Richards H. Green has been promoted to serve as the next Commissioner of Banking for the state, South Carolina Treasurer Curtis Loftis, Chairman of the State Board of Financial Institutions, announced today.

Green has spent his entire career with the State Board of Financial Institutions, the agency charged with chartering, examining and regulating South Carolina state-chartered banks and credit unions. From an entry level Bank Examiner position in 1999 to his latest role as Chief Examiner, Green’s career as a regulator steadily progressed throughout the ranks as he took on more responsibility, oversaw more complex financial institutions and managed other examiners during his 20 years with the agency.

State CU League focusing on updating, modernizing charter
Jan. 12, 2018 — The Carolinas Credit Union League is focusing in South Carolina on passing Senate bill 337, which updates and modernizes the South Carolina state credit union charter. A hearing on the bill is set for Wednesday, Jan. 31, 2018, and the state association is urging credit unions to take action supporting the bill.

New bank examining division commissioner named
Jan. 23, 2017 
— Robert L. Davis is the new commissioner of the bank examining division of the South Carolina State Board of Financial Institutions, the state announced Friday (Jan. 20). In his position, Davis oversees state-chartered credit unions, banks, savings and loans, savings banks and trust companies. Most recently general counsel and executive vice president for a Charleston, S.C., bank (First Financial Holdings, Inc./First Federal Bank), he has also served at the federal Office of the Comptroller of the Currency as assistant director of the enforcement and compliance division in Washington, D.C. He is a graduate of McDaniel College and the University Of Baltimore School Of Law, both in Maryland