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Palmetto State News

Thursday, November 14, 2024

Regulation News

Regulation

SC Bankers Association CEO: Proposed credit card regulation 'increases the risk to consumers, increases the risk to banks'

The head of the South Carolina Bankers Association said his organization is opposed to proposed credit card regulations pending in the U.S. Senate.

By Palmetto State News reports | Aug 14, 2024

Regulation

Financial Researcher: South Carolinians could see increase in credit card fraud under proposed credit card regulations

Glenn Grossman, the director of research at financial advisory firm Cornerstone Advisors, said the pending federal “Credit Card Competition Act of 2023” (CCCA) could lead to an increase in credit card fraud.

By Palmetto State News Report | Apr 25, 2024

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Limiting small dollar loans in S.C. could reduce lending to subprime borrowers, says finance professor

By Palmetto State News Report | Apr 7, 2024

As the South Carolina State Senate considers legislation to limit small dollar loans, Tom Miller, finance professor at Mississippi State University, said a bill to limit small dollar loans in Illinois led to reduced lending to subprime borrowers.

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Regulation

CEO of SC African American Chamber: 'S.910 could limit access to credit for all South Carolinians'

By Palmetto State News Service | Mar 21, 2024

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 African Americans.

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Regulation

Illinois report being used to lobby for 'deeply flawed' SC limit on small dollar loans 'ignores broader context of the harm' of Illinois law, says financial policy analyst

By Palmetto State News Report | Feb 20, 2024

Groups lobbying for a bill to limit small dollar loans for South Carolina consumers have pointed to a report showing a 2021 Illinois rate cap bill "has saved Illinois consumer more than $600 million." That report, however, "ignores the broader context of the harm of Illinois’ rate cap policy," said a financial policy analyst, who added the South Carolina bill is "deeply flawed and will harm vulnerable South Carolinians."

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Regulation

Sen. Climer during S-910 committee hearing: 'We ought to be very careful with the ways in which the government interferes in the private sector'

By Palmetto State News Report | Feb 9, 2024

In a packed hearing room at the Gressette Building on Wednesday, Feb. 7, the Labor, Commerce, and Industry Special Subcommittee convened to deliberate an amendment to S-910, a bill that would regulate and potentially restrict small dollar loans in South Carolina.

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Regulation

Sen. Climer: Bill to limit small dollar loans to SC consumers would lead to ‘less credit availability for people who need it’

By Palmetto State News Report | Feb 8, 2024

S.C. State Sen. Will Climer (R-York) said yesterday that a bill to limit small dollar loans to S.C. consumers would lead to ‘less credit availability for people who need it.”

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Regulation

SC Policy Council: Senate lending bill ‘would reduce consumer options, harm competition’

By Palmetto State News Report | Feb 5, 2024

Bryce Fiedler, senior policy analyst for the South Carolina Policy Council, said the council opposes a pending South Carolina bill that would limit companies from making smaller-dollar loans to consumers in the state because it would “reduce consumer options” and “harm competition.”

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Regulation

State Senate Labor, Commerce, Industry Committee to hold Feb. 7 hearing on bill to regulate SC lenders

By Palmetto State News Report | Feb 2, 2024

The South Carolina State Senate Committee on Labor, Commerce, and Industry will hold a hearing on S.910 on Wednesday, February 7, 2023 at 9 a.m. in Room 307 of the Gressette Building.

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Regulation

National groups lobbying for South Carolina lending restrictions have received millions in federal ‘taxpayer assistance’ while lobbying to ‘shut down the competition’

By Palmetto State News Service | Jan 31, 2024

Two groups pushing for restrictions on installment lenders in South Carolina are part of a “network of businesses and advocacy groups—which has cumulatively received more than $380 million in federal grants, loans, and other taxpayer assistance since 1996" and "has spent millions lobbying the federal government on measures including additional regulations on those lenders,” reported the Washington Free Beacon.

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Regulation

Advocates for Highway and Auto Safety: South Carolina motorists would be safer with helmet, booster seat laws

By T.H. Lawrence | Feb 1, 2022

South Carolina roads have become more dangerous during the COVID-19 pandemic, according to a study released by a highway safety organization.

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UN World Food Programme's Beasley outlines plan on how billionaires like Musk can combat worldwide hunger

By Emily Bevard | Dec 5, 2021

David Beasley, United Nations World Food Programme (WFP) executive director and former governor of South Carolina, shared a plan for billionaires to save 42 million people worldwide from starvation.

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Overdose deaths increase 45.4% in South Carolina during past year

By Bob Martin | Dec 2, 2021

The Centers for Disease Control has released data that shows overdoses have increased between April 2020 and April 2021, with more than 100,000 deaths estimated over this time period across the country, with a particularly high rate in South Carolina.

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Renewable portfolio standards could contribute to U.S. reliance on China for rare earth tech

By Christina Heath | Nov 23, 2021

South Carolina's adoption of voluntary renewable portfolio standards (RPS) to implement renewable energy as a source of electricity could result in contributing to the United States' growing reliance on China for metals and other resources needed to sustain the renewable energy industry, according to one report.

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Graham: Dems' spending plan 'like pouring gas on the raging inflation fire'

By Palmetto State News reports | Oct 25, 2021

U.S. Sen. Lindsey Graham (R-SC) says he believes that rising inflation must be handled immediately so the recovery of the economy is not short-circuited.

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Biden names former State Rep. Laurie Funderburk director of South Carolina Farm Service Agency

By David Beasley | Oct 21, 2021

President Biden has appointed former State Rep. Laurie Funderburk as executive director of the Farm Service Agency in South Carolina.

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Major milestone: Half of state residents vaccinated against COVID-19

By Emily Bevard | Sep 28, 2021

South Carolina has officially reached a 50% COVID-19 vaccination rate among eligible residents, the state Department of Health and Environmental Control (DHEC) said in a Sept. 16 release from Gov. Henry McMaster's office.

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Susan B. Anthony List VP: Supreme Court has 'squelched a democratic process' in overturning SC heartbeat law

By Savannah Howe | Sep 27, 2021

The South Carolina Legislature is determined to pass laws dictating access to medically sound abortions.

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Regulation

After signing open carry measure, McMaster deems South Carolina a ‘proud Second Amendment sanctuary state’

By Karla Florez | Sep 12, 2021

The state Legislature's recently passed Open Carry with Training Act, a Second Amendment law that allows citizens with training to openly carry guns, went into effect last month.

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Regulation

Safari Club International online petition seeks answers to social media censorship of hunters by Facebook

By Christina Heath | Aug 18, 2021

Hunting rights advocate and wildlife conservation group Safari Club International is circulating a petition against Facebook and other social media outlets to "stand up against big tech's censorship of hunting."