NORTH AUGUSTA — SRP Federal Credit Union recently welcomed state and local elected officials, municipal leaders and community stakeholders to a roundtable discussion in North Augusta to explore the South Carolina Financial Freedom Act (H.3221 / S.60). This bipartisan legislation would modernize the state’s more than 40-year-old public deposit rules and, for the first time, allow local governments to deposit public funds in South Carolina credit unions.
The event, hosted by SRP Federal Credit Union in partnership with the Palmetto Public Deposits Coalition, offered local leaders an opportunity to learn about the potential financial and operational benefits this legislation could bring to cities, counties, and taxpayers across the state. PPDC later held a similar roundtable with Spero Financial Credit Union in Greenville.
“At SRP, we believe South Carolina communities, as well as all communities, deserve the flexibility to choose financial partners that offer the best value and service,” said Liz Ponder, CEO of SRP Federal Credit Union. “Updating the state’s public deposit law creates a level playing field and allows local governments to keep more resources working directly for the people they serve.”
During the North Augusta discussion, officials highlighted several major advantages of the Financial Freedom Act:
* Higher earnings on taxpayer dollars: Even modest improvements in deposit rates could generate tens of thousands of additional dollars annually for many localities.
* Lower borrowing costs: Access to competitive credit union loan options could reduce interest expenses on large projects.
* Convenience and efficiency: The ability to deposit public funds at nearby credit union branches would cut travel time and streamline daily operations for local government staff.
Participants emphasized that these benefits would allow more funding to be reinvested into community priorities, including public safety, infrastructure, staffing, and essential services, without raising taxes or fees.
The Municipal Association of South Carolina and the South Carolina Association of Counties have both endorsed the Financial Freedom Act, citing clear benefits for taxpayers and local governments.
With strong early support from local leaders, SRP Federal Credit Union joins PPDC in encouraging the General Assembly to make modernizing South Carolina’s deposit laws a top priority in 2026. SRP remains committed to supporting ongoing community education and advocacy efforts on this issue.
SRP Federal Credit Union, headquartered in North Augusta, South Carolina, provides financial services to more than 200,000 members. Recognized for its excellence in business performance and community impact, SRP was recently named Best-In-State Credit Union in Georgia by Forbes and honored as the 2024 Large Business of the Year by both the Columbia County Chamber of Commerce and the North Augusta Chamber of Commerce. For more information, visit http://www.srpfcu.org.
