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 (BOFI) regarding the authority to engage in activities authorized for federally chartered institutions. Specifically, it pertains to Regulation Document Number 5283, which has been submitted to the General Assembly in accordance with Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws. The resolution states that these regulations are approved and will take effect upon the Governor's approval.

Additionally, the BOFI proposes to repeal Regulation 15-42 due to its references to sections of the South Carolina Code that have been repealed, its conflicting language with existing statutory branching provisions, and the fact that credit union trust powers are now covered under Section 34-26-940.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 publication on August 23, 2024.