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The Department of Commerce and Insurance and the Department of Financial Institutions (collectively, “Departments”) continue to recognize the impact and the consequences of the efforts of individuals and the business community to limit the spread of COVID-19. The Departments further recognize that premium finance companies licensed under the Premium Finance Company Act, Tenn. Code Ann. §§ 56-37-101, et seq. provide an important lending function to individuals and businesses with respect to financing the payment of insurance premiums pursuant to premium finance agreements. Further, the Departments understand that disruptions to normal operations resulting from COVID-19 may result in insureds being unable to meet payment obligations under these agreements.

We have received queries regarding SBA loans, including the Paycheck Protection Program (PPP). As a reminder, the portions of loans which are guaranteed by the federal government or its agencies, do not count towards the bank’s legal lending limit. Please contact Assistant Commissioner-Bank Division Tod K. Trulove at 615-289-2156 with any questions

NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on March 30, 2020.

NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.45 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.45 percent as published by the Federal Reserve on March 23, 2020.

As Tennessee continues to respond to the COVID-19 pandemic, the Tennessee Department of Financial Institutions is issuing this interim guidance to all non-depository financial institutions and individuals licensed or registered with the Compliance Division. In general, please be reminded that business continuity plans (BCPs) should address the threat of pandemic outbreak and the potential impact on the delivery of financial services. Unlike business continuity planning, pandemic planning is much more difficult to determine because of the anticipated difference in scale and duration. The most significant challenge from a severe pandemic event will likely be staffing shortages due to absenteeism. Additionally, open communication with third parties, especially critical service providers, is an important aspect of pandemic planning. Management should have action plans for triggering events, communicate to employees, mitigate risks, and ensure sufficient internal and external capacity is available where needed. Preparation is key in a pandemic event so the need for periodically updating and exercising your plan is crucial for success.

As Tennessee continues to respond to COVID-19, the Department is providing general guidance and highlighting resources in an effort to help financial institutions minimize potential disruptions of services to consumers, businesses, and communities.

NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.25 percent per annum.

NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.45 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.45 percent as published by the Federal Reserve on March 9, 2020.

Today, Governor Bill Lee announced the formation of a Coronavirus Task Force to enhance Tennessee’s coordinated efforts to prevent, identify, and treat potential cases of COVID-19.

The Department of Financial Institution is in contact with financial institutions located in the communities affected by the tragic tornados of March 3, 2020. TDFI is aware that affected financial institutions are operating through their main offices or other branch locations not affected by the tornados and is facilitating communications between these financial institutions and government agencies.

The Federal National Mortgage Association has discontinued its free market auction system for commitments to purchase conventional home mortgages. Therefore, the Commissioner of Financial Institutions hereby announces that the maximum effective rate of interest per annum for home loans as set by the General Assembly in 1987, Public Chapter 291, for the month of April, 2020 is 5.77 percent per annum.

NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.75 percent as published by the Federal Reserve on March 2, 2020.

NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.75 percent as published by the Federal Reserve on February 24, 2020.

NASHVILLE, Tenn. – A new mobile app is making it easier for Tennesseans to access state government services. “MyTN” is now available for download from the Apple and Android store. Visit MyTN.gov to easily download to your device by clicking the Apple or Android store icons.

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) has announced the selection of 15 members for its recently established Advisory Committee of State Regulators. The FDIC Board of Directors approved the formation of the new Advisory Committee on November 19, 2019, as another mechanism for state regulators and the FDIC to discuss a variety of current and emerging issues that have potential implications for the regulation and supervision of state-chartered financial institutions. The Advisory Committee members include regulators of state-chartered financial institutions from across the United States as well as other individuals with expertise in the regulation of state-chartered financial institutions.