Resolution to approve regulations for South Carolina's State Board of Financial Institutions.

This bill approves the regulations of the State Board of Financial Institutions concerning the authority to engage in activities authorized for federally chartered institutions. The resolution addresses the need to repeal Regulation 15-42 due to its references to repealed sections of the South Carolina Code, conflicts with existing statutory branching provisions, and because credit union trust powers are now addressed in Section 34-26-940. The regulations were proposed by the State Board of Financial Institutions and published in the State Register.

Resolution to approve regulations for South Carolina's State Board of Financial Institutions.

This bill approves the regulations of the State Board of Financial Institutions concerning the authority to engage in activities authorized for federally chartered institutions. The resolution addresses the need to repeal Regulation 15-42 due to its references to repealed sections of the South Carolina Code, conflicts with existing statutory branching provisions, and because credit union trust powers are now addressed in Section 34-26-940. The regulations were proposed by the State Board of Financial Institutions and published in the State Register.