The bill S. 413, introduced by the Senate Banking and Insurance Committee, seeks to approve new regulations established by the State Board of Financial Institutions regarding record retention for credit unions. This regulation, designated as Regulation Document Number 5285, outlines the requirements for state-chartered credit unions to maintain records. The approval of these regulations is in accordance with Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws.

Upon receiving approval from the Governor, this joint resolution will take effect. The proposed regulation was previously published in the State Register, with a Notice of Drafting released on June 28, 2024, and the Proposed Regulation published on August 23, 2024. The bill aims to ensure that credit unions adhere to standardized record retention practices, thereby enhancing regulatory compliance and operational transparency within the financial sector.