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Department Resources
Compliance
Division
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Our
financial institutions are symbols of security for most of us. Their
role in business and industry is crucial to the growth of our country's
economy and to our own personal well-being.
In Tennessee, banking
is big business.
At year-end 2006, the Department of Financial Institutions regulated 160 state-chartered banks, eight trust companies, three business and industrial development corporations (BIDCOs), 118 credit unions, 849 industrial loan and thrift offices, 75 insurance premium finance companies, 1,591 mortgage companies, 573 check cashers, 1,484 deferred presentment services companies, 703 title pledge lenders and 57 money transmitters. The Department also registers thousands of mortgage loan originators.
The department has legal
responsibility for assuring the Tennessee banking system runs on
a safe and sound basis. In its supervisory role, the department
periodically examines financial soundness of each financial institution
it regulates. In addition, consumers' complaints involving Financial
Institutions are handled by the department.
The department is the
administration's primary source for new bank-related legislation.
It also adopts and changes its own administrative regulations to
conform to the ever-changing needs of consumers and the industry.
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