On July 7, 2025, South Carolina Governor signed a new amendment to the state's banking laws aimed at enhancing consumer protection and ensuring the stability of the financial sector. The amendment, known as the Consumer Financial Protection Act (CFPA), introduces several key changes that will impact both consumers and financial institutions operating in the state.One of the main provisions of the CFPA is the establishment of a new regulatory body, the South Carolina Consumer Financial Protection Bureau (SCCFPB). This agency will be responsible for overseeing and enforcing compliance with state banking laws, ensuring that financial institutions are operating in a fair and transparent manner, and providing assistance to consumers who may have been victims of financial fraud or abuse.In addition to the creation of the SCCFPB, the CFPA also introduces stricter penalties for banks and other financial institutions that engage in predatory or deceptive practices. Under the new law, institutions found to be in violation of consumer protection regulations could face fines, license revocation, or even criminal charges.Furthermore, the CFPA includes provisions designed to promote financial literacy among consumers, with a focus on educating individuals about the risks and benefits of various banking products and services. The goal is to empower consumers to make informed decisions about their financial well-being and avoid falling victim to scams or schemes.Overall, the CFPA represents a significant step forward in strengthening consumer protections in South Carolina's banking sector. By establishing a dedicated regulatory body, imposing stricter penalties for non-compliance, and promoting financial education, the state is sending a clear message that it is committed to protecting consumers and promoting a fair and secure financial system.