While it’s true that consumers use financial institutions for very similar purposes, those institutions aren’t the same.
Banks make more on business, while credit unions focus on consumer services and their member-owners. Some credit unions serve employee groups, while others serve counties, communities, and congregations.
None of those credit unions issue shares to stockholders.
However, South Carolina‘s state-chartered credit unions are different. The necessary processes for adding new potential members, helping underserved areas, and opening new branches are so different that only 11 of 67 credit unions in South Carolina have a state charter.
The other 56 credit unions are federally chartered. A stronger state charter would give them more flexibility and opportunity to serve their members, and choice does make a difference.
That’s why we support Senate Bill 337 – the SC Credit Union Act. It would amend current South Carolina law to provide greater access to services for consumers and help increase the number of state-regulated institutions.
Take Action Today. Make sure your lawmakers stand with South Carolina credit unions – and with you.