The bill, S. 411, is a joint resolution introduced by the Senate Banking and Insurance Committee to approve regulations set forth by the State Board of Financial Institutions. Specifically, it pertains to the authority to engage in activities authorized for federally chartered institutions, designated as Regulation Document Number 5283. The resolution confirms that these regulations have been submitted to the General Assembly in accordance with Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws, and it will take effect upon the Governor's approval.

Additionally, the State Board of Financial Institutions proposes to repeal Regulation 15-42 due to its references to repealed sections of the South Carolina Code, conflicts with existing statutory branching provisions, and the fact that credit union trust powers are now covered under Section 34-26-940. The drafting notice for these changes was published in the State Register on June 28, 2024, followed by the proposed regulation on August 23, 2024.