Palmetto State News

Stephen Gilchrist, the chairman and CEO of the South Carolina African American Chamber of Commerce, said a pending state senate bill to limit small dollar loans could limit access to credit for South Carolinians, including the members of his organization.

"S.910 could limit access to credit for all South Carolinians," Gilchrist told Palmetto State News. “It is crucial not to limit access to credit for African Americans just as with any other race of people, regardless of the source, as credit is by far one fundamental aspect of financial empowerment and economic mobility that every citizen should be entitled to."

S.910 would limit companies from making smaller-dollar loans to consumers in the state. Sponsored by State Sen. Tom Davis (R-Beaufort), the bill passed out of the SC State Senate Committee on Labor, Commerce, and Industry, where it had been introduced via a special subcommittee, instead of through the standard committee process.

Gilchrist said he thinks the bill was introduced through this “special” process because, “support for bills like this can be politically sensitive as many South Carolinians can and are benefiting from these services.” 

“Historically, systemic racism, access, and discriminatory practices have already created significant barriers for African Americans and others to fully participate in the economy,” said Gilchrist. “By providing equal access to credit opportunities, individuals and communities are given the chance to invest in education, start businesses, purchase homes, and improve their overall financial well-being.

"Limiting access to credit exacerbates existing disparities and contributes to further marginalization,” he said.

The lobbying to pass S.910 is being led by Self-Help Credit Union and its affiliate, the Center for Responsible Lending (CRL). CRL has received more than $25 million during the past ten years from a foundation started by a N.C. couple who Time Magazine ranked among “25 people to blame from the (2008) financial crisis,” according to Charleston Reporter. 

The group has also received more than $2 million from left wing political activist George Soros.

Kerri Smith, the South Carolina president of Self-Help Credit Union, is actively lobbying for the bill while also running as a candidate in the Republican Primary for the 28th State House District. 

Gilchrist said a “glaring oversight” of the bill is that it would not regulate credit unions, while regulating other lenders in the state. He said that “equal protections” should be “consistent across all industries and this should most certainly include all financial lending institutions.”

“My hope is that we all come back to the drawing board and collaborate on a bill that will put uniform consumer protections in place for all lenders,” said Gilchrist. “While at the same time protecting the consumer's access to credit.”

In addition to being chairman and CEO of the chamber, Gilchrist is a Commissioner of the U.S. Commission on Civil Rights. Appointed by former President Donald Trump on May 7, 2020, Gilchrist will serve on the commission until November 2025.

He also is chairman of the Planning and Zoning Commission in South Carolina, and is a member of the Mastercard Master Your Card Corporate Advisory Board. 

Gilchrist attended South Carolina State University and the Kennedy School of Government at Harvard University. He is a graduate of the South Carolina Executive Institute.