The South Carolina Board of Financial Institutions
The State Board of Financial Institutions is composed of eleven members, one of whom is State Treasurer Curtis Loftis, an ex officio member and the chairman. The remaining ten members must be appointed by the Governor with the advice and consent of the Senate.
The Board’s supervision is handled through its two divisions – the Banking Division and the Consumer Finance Division. The Board appoints a Commissioner of Banking and is also authorized to designate or appoint a Commissioner of Consumer Finance.
The Board’s oversight includes:
- The promulgation of regulations and instructions relating to the supervision of financial institutions;
- The consideration of applications for new banks, trust companies, savings and loan associations, savings banks, credit unions, non-depository mortgage lenders/servicers and their branches, loan originators, consumer lenders, deferred presentment providers and check cashing service providers;
- And the consideration of applications for branches of banks, savings and loan associations, savings banks, credit unions and trust companies.