A credit union is a member-owned financial institution organized to encourage savings and to provide loans with competitively low interest rates to members. In South Carolina, as elsewhere, credit unions have evolved into sophisticated financial institutions offering members a variety of services.
South Carolina has detailed and complex requirements for the formation of credit unions (SC Code Sec. 34-27-10et seq.). Because of the complexity of these laws, an organization seeking to set up a credit union needs expert assistance. It is often easier to join an existing credit union rather than to start a new one.
Advice and assistance are available from:
State Board of Financial Institutions
1015 Sumter Street, Room 309
Columbia, SC 29201
South Carolina Credit Union League
P.O. Box 1787
Columbia, SC 29202