https://www.abccolumbia.com/2024/12/04/new-bill-to-be-introduced-aims-at-reducing-risk-to-taxpayers/
Columbia, SC ( WOLO) — A new bill set to be introduced in January would give local governments and other public entities access to a credit union for public deposits.
Known as the “South Carolina Community Financial Empowerment Act,” supporters say the bill will provide more choices, help keep money in local communities, and reduce risk to taxpayers.State law currently mandates that these entities use a commercial bank, with over 75 percent of these deposits held by out-of-state companies.
Representative Nathan Ballentine, who pre-filed the bill Wednesday, finds that on average a credit union offers higher returns on deposits and lower interest rates on loans — as opposed to commercial banks.
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