A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE STATE BOARD OF FINANCIAL INSTITUTIONS, RELATING TO AUTHORITY TO ENGAGE IN ACTIVITIES AUTHORIZED FOR FEDERALLY CHARTERED INSTITUTIONS, DESIGNATED AS

This joint resolution approves a regulatory update by South Carolina's State Board of Financial Institutions (BOFI) regarding financial institutions' authority to engage in activities permitted for federally chartered institutions. It specifically repeals outdated Regulation 15-42 (which referenced obsolete code sections) and aligns credit union trust powers with current law (Section 34-26-940). The change directly affects state-chartered banks and credit unions operating in South Carolina by removing conflicting or outdated regulatory language. This procedural resolution does not create new rules but formally adopts BOFI's updated regulations for consistency with existing statutes.