Twelve South Carolina credit unions are state-chartered institutions, subject to regulation by the South Carolina State Board of Financial Institutions. Credit unions have two seats on the eleven-seat board, which also regulates state banks and consumer finance entities.Credit unions' chief regulator is SCBoFI Commissioner of Banking Louie Jacobs. State Treasurer Curtis Loftis serves as chairman of the board.
Immediate concerns with examination findings or other regulatory action are best addressed directly with SCBoFI staff. However, ongoing issues with regulatory demands, examination and audit procedures and principles, or other matters of potential interest to SCBoFI and other state charters are of concern to SCCUL in serving as principal advocate. Please direct any to SCCUL's Brandon Pugh or to SCBoFI board members Scott Conley (Mid Carolina CU) and Hansel Hart (Palmetto Health CU).
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SCCUL conducted a June 2013 survey of state- and federal-charter credit unions to assess the integrity of the dual chartering system, identify reasons for charter choice, and determine means by which the system may be enriched. Nearly sixty percent of all credit unions responded--including seventy-five percent of state charters--and the results have been compiled, summarized, and prepared for presentation to Commissioner Jacobs and discussion among SCBoFI and Chairman Loftis.