Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLUMBIA, S.C. – It’s been an ongoing effort for the past four years, but the executive vice president of the South Carolina Credit Union League is hopeful the state’s predatory lending bill will have better luck this time around when the state legislature convenes in January 2003. What’s different this year? The upcoming statewide elections, said the League’s Steve Fowler. “A state predatory lending bill is being discussed as a campaign issue, and we have more support this time around,” he said. A state predatory lending bill was introduced in earlier sessions of the state legislature, but it never made it to the floor of either the state House or Assembly for a full vote. In addition, Fowler said Gov. Jim Hodges in the past has “sat on the fence” when it comes to predatory lending. With the governor’s seat up for election, Hodges is singing a different tune this time around. Fowler said although Hodges “hasn’t taken a particularly strong stance, at least we’ve been able to move him.” When questioned, for example, how he feels about predatory lending, Fowler said “Hodges usually says he against it.” Hodges is running for reelection against former U.S. Congressman Mark Sanford (R-1st). What makes the race interesting for the South Carolina League is that Sanford was a co-sponsor of H.R. 1151, the Credit Union Membership Access Act, while Hodges was a leading sponsor of the state’s recodified credit union act in 1996. Without choosing sides, Fowler said the League has encouraged credit unions to simply get involved in the race, because “regardless of who wins, it will be a win-win situation for credit unions. Whoever wins, we’ll have a friend in the governor’s seat. Whoever loses will know that credit unions supported his election.” Fowler said he is “99% sure” that state Sen. David Thomas (R-8th), chairman of the state Senate Banking Committee will prefile a new predatory lending bill before the legislature convenes in January. That will allow the bill to be assigned to a committee on the opening day of the legislative session in Jan. 2003. Thomas has already called a hearing on the measure for November or December. -

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.