The bill, S. 408, is a joint resolution introduced by the Senate Banking and Insurance Committee to approve the regulations of the State Board of Financial Institutions concerning Electronic Fund Transfers, specifically designated as Regulation Document Number 5290. This resolution is in accordance with Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws. Upon approval by the Governor, the resolution will take effect.

Additionally, the State Board of Financial Institutions proposes to repeal Regulation 15-45, which pertains to an outdated "pilot program" that permitted credit unions to utilize electronic fund transfers. This repeal is necessary as electronic fund transfers are now authorized by statute under Section 34-26-410. The drafting notice for this regulation was published in the State Register on June 28, 2024, followed by the proposed regulation on August 23, 2024.