The bill S. 413 is a joint resolution introduced by the Senate Banking and Insurance Committee to approve new regulations set forth by the State Board of Financial Institutions regarding record retention for credit unions. Specifically, it pertains to Regulation Document Number 5285, which outlines the requirements for state-chartered credit unions to maintain records. The resolution confirms that these regulations have been submitted to the General Assembly in accordance with the relevant provisions of the South Carolina Code of Laws.

Upon approval by the Governor, this joint resolution will take effect, thereby formalizing the new regulation titled "15-54. Record Retention for Credit Unions." The process for this regulation began with a Notice of Drafting published in the State Register on June 28, 2024, followed by the Proposed Regulation published on August 23, 2024. This legislative action aims to ensure that credit unions adhere to standardized record retention practices, enhancing accountability and compliance within the financial sector.