A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE STATE BOARD OF FINANCIAL INSTITUTIONS, RELATING TO DECLARATION OF DIVIDENDS BY STATE-CHARTERED CREDIT UNIONS, DESIGNATED AS

This joint resolution approves existing regulations from South Carolina's State Board of Financial Institutions (BOFI) that clarify how state-chartered credit unions can declare and pay dividends. The regulations (Document 5286) specifically address Section 34-26-710 of the state code, making the rules clearer for credit unions. It directly affects state-chartered credit unions by standardizing their dividend declaration process. The resolution does not create new rules but formally approves BOFI's proposed clarification, which followed public notice in the State Register.