Tennessee Department of Financial Institutions
Encyclopedia
The Tennessee Department of Financial Institutions is a Cabinet-level agency within Tennessee
state government, currently led by Greg Gonzales, Commissioner of Financial Institutions
. The Department is responsible for regulating Tennessee's banking system, including state-chartered bank
s and credit union
s, and handling consumer complaints involving state regulated financial institution
s. The Department is divided into the Administrative/Legal Division, Bank Division, Compliance Division, Consumer Resources Division, and the Credit Union Division - each of which is led by an Assistant Commissioner.
The Banking Department, created in 1913, was headed by the Superintendent of Banks when it was first established, ten years later credit unions were added to its responsibilities. Over the next eighty-five years, the Department made a final name change and increased regulatory responsibilities to cover trust companies, licensed business and industrial development corporations (BIDCOs), industrial loan and thrift offices, insurance premium finance companies, mortgage
companies, check
cashers, deferred presentment services companies, money transmitters, and title loan companies.
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
state government, currently led by Greg Gonzales, Commissioner of Financial Institutions
Tennessee Commissioner of Financial Institutions
The Tennessee Commissioner of Financial Institutions is the head of Tennessee's Department of Financial Institutions, which is responsible for regulating the bank system of that U.S. state. The Commissioner is appointed by the governor of Tennessee and is a member of the governor's Cabinet, which...
. The Department is responsible for regulating Tennessee's banking system, including state-chartered bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s and credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
s, and handling consumer complaints involving state regulated financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s. The Department is divided into the Administrative/Legal Division, Bank Division, Compliance Division, Consumer Resources Division, and the Credit Union Division - each of which is led by an Assistant Commissioner.
The Banking Department, created in 1913, was headed by the Superintendent of Banks when it was first established, ten years later credit unions were added to its responsibilities. Over the next eighty-five years, the Department made a final name change and increased regulatory responsibilities to cover trust companies, licensed business and industrial development corporations (BIDCOs), industrial loan and thrift offices, insurance premium finance companies, mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
companies, check
Cheque
A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...
cashers, deferred presentment services companies, money transmitters, and title loan companies.