Bill > SB1870

This bill makes several changes to Tennessee law concerning financial institutions, primarily focusing on credit unions and examination frequencies for banks. It allows the commissioner of financial institutions to extend the required examination frequency for banks from every three years to up to twenty-four months, considering factors like management quality and risk. For credit unions, the bill removes the requirement for state-chartered credit unions to be members of the National Credit Union Association for share and deposit insurance, instead granting the commissioner the authority to determine the type and amount of insurance required, taking into account the credit union's safety, economic impact, public confidence, and industry views. Additionally, the bill eliminates a specific state-level credit union share insurance corporation and its associated capital fund, and it revises provisions related to examinations of credit unions, allowing for extensions beyond annual checks under certain conditions, similar to the changes for banks. Finally, it updates definitions related to federally insured depository financial institutions.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB1870&ga=114