South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE
Section 15-15 - Bank Purchase and Sale of Federal Funds
Universal Citation: SC Code Regs 15-15
Current through Register Vol. 48, No. 3, March 22, 2024
State Chartered Banks are hereby permitted to deal in the purchase and sale of Federal Funds in the same manner as may be prescribed for National Banks and the sale of such funds would not create a loan on the part of the seller nor would it create a borrowing on the part of the purchaser, but would be considered a purchase and sale of such funds.
Statutory Authority: 1976 Code Section 34-1-60
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