A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE STATE BOARD OF FINANCIAL INSTITUTIONS, RELATING TO INCOME AND EXPENSE STATEMENTS RE DIVIDENDS, DESIGNATED AS

This bill approves the South Carolina State Board of Financial Institutions' (BOFI) proposal to repeal Regulation 15-28, which previously required banks to submit separate income and expense statements when requesting permission to pay cash dividends to shareholders. BOFI already collects this same financial data through existing "report of condition" filings under state law, making the separate submission redundant. The repeal would eliminate this duplicate filing requirement for banks. The change directly affects banks operating in South Carolina that distribute dividends to shareholders.