Bill > SB1870

This bill makes several changes to Tennessee law concerning financial institutions, primarily focusing on credit unions and examination procedures. It allows for the extension of examination cycles for both banks and credit unions from annually to up to twenty-four months, or longer, at the discretion of the commissioner, who will consider factors like management quality and risk. Crucially, the bill removes the requirement for state-chartered credit unions to be members of the National Credit Union Association for share insurance, instead granting the commissioner the authority to determine the type and amount of insurance required, considering factors such as safety, soundness, and public confidence. Additionally, it repeals a specific part of the law related to credit union share insurance corporations and makes other technical amendments to various sections concerning financial institutions.