• Commissioner Gonzales Announces Maximum Effective Rate of Interest

    Wednesday, September 06, 2017 | 12:00pm

    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 October, 2017 is 6.74 percent per annum.

    The rate as set by the said law is an amount equal to four percentage points above the index of market yields of long-term government bonds adjusted to a thirty (30) year maturity by the U. S. Department of the Treasury. For the most recent weekly average statistical data available preceding the date of this announcement, the calculated rate is 2.74 percent.

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  • Nicole Chamblee Appointed Assistant Commissioner of Compliance Division

    Tuesday, September 05, 2017 | 11:06am

    As of September 1, 2017, Mike Igney retired from the position of Assistant Commissioner of the Compliance Division. Over the past thirteen years, under Mike’s leadership, the Compliance Division
    has grown, flourished and worked collectively to streamline processes and improve efficiencies. Mike has been a great public servant and made many contributions to the Department. He will be missed.

    However, Mike leaves the Compliance Division in good hands, Nicole Chamblee is the new Assistant Commissioner for the Compliance Division. 

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  • Commissioner Gonzales Announces Weekly Formula Rate August 29, 2017

    Tuesday, August 29, 2017 | 9:47am

    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.

    The rate is based on a ceiling of 4.25 percent over the weekly average prime loan rate of 4.0 percent as published by the Federal Reserve on August 28, 2017.

    Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes. 

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  • Commissioner Gonzales Announces Weekly Formula Rate August 22, 2017

    Tuesday, August 22, 2017 | 9:59am

    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.

    The rate is based on a ceiling of 4.25 percent over the weekly average prime loan rate of 4.0 percent as published by the Federal Reserve on August 21, 2017.

    Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes. 

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  • Commissioner Gonzales Announces Weekly Formula Rate August 15, 2017

    Tuesday, August 15, 2017 | 7:12am

    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.

    The rate is based on a ceiling of 4.25 percent over the weekly average prime loan rate of 4.0 percent as published by the Federal Reserve on August 14, 2017.

    Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes. 

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  • Commissioner Gonzales Announces Weekly Formula Rate August 8, 2017

    Tuesday, August 08, 2017 | 9:55pm

    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.

    The rate is based on a ceiling of 4.25 percent over the weekly average prime loan rate of 4.0 percent as published by the Federal Reserve on August 7, 2017.

    Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes. 

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  • Commissioner Gonzales Announces Maximum Effective Rate of Interest

    Tuesday, August 08, 2017 | 9:45pm

    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 September, 2017 is 6.85 percent per annum.

    The rate as set by the said law is an amount equal to four percentage points above the index of market yields of long-term government bonds adjusted to a thirty (30) year maturity by the U. S. Department of the Treasury. For the most recent weekly average statistical data available preceding the date of this announcement, the calculated rate is 2.85 percent.

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  • GOVERNOR, FIRST LADY HASLAM RECOGNIZE STATE EMPLOYEES FOR PROVIDING OUTSTANDING SERVICE

    Wednesday, August 02, 2017 | 3:27pm

    NASHVILLE – Governor Bill Haslam and First Lady Crissy Haslam today recognized 23 state employees for providing outstanding service to the state and their fellow Tennesseans at a luncheon at the Tennessee Residence. The Governor’s Excellence in Service Awards was launched in 2016 to honor exceptional state employees who are transforming how the state delivers services every day.

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  • MCCULLOUGH HONORED AT TENNESSEE RESIDENCE AS TDFI’s RECIPIENT OF THE GOVERNOR’S EXCELLENCE IN SERVICE AWARD

    Wednesday, August 02, 2017 | 3:14pm

    Wade McCullough began his service to the State of Tennessee in the Department of Financial Institutions in 1986 as a Financial Examiner 1. In the last few years, Wade was appointed to his current position, of Financial Program Administrator 2 for Trust, which is a growing industry in the State of Tennessee. Wade also accepted the appointment of TEMA Emergency Services Coordinator in 2016, where he took the lead to work collectively with TEMA to facilitate a state-wide emergency exercise that encompassed participation from banks and credit unions across the state. 

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  • Scams Involving the Federal Reserve Name

    Tuesday, August 01, 2017 | 2:23pm

    Recently, the Federal Reserve Bank of New York became aware of a scheme promoted in online videos whereby individuals claim that U.S. citizens may make payments using fictitious accounts held at the Federal Reserve Banks.  These fictitious accounts have been most commonly styled as secret accounts and/or Social Security trust accounts, and the individuals publishing the videos claim that substantial amounts are held within them for each U.S. citizen.  To facilitate the scheme, the individuals publishing the videos have also offered bogus information on how other individuals may use online portals, such as bill-pay websites, to initiate payments from the fictitious accounts using Federal Reserve Bank routing numbers.

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  • Commissioner Gonzales Announces Weekly Formula Rate August 1, 2017

    Tuesday, August 01, 2017 | 10:54am

    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.

    The rate is based on a ceiling of 4.25 percent over the weekly average prime loan rate of 4.0 percent as published by the Federal Reserve on July 31, 2017.

    Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes. 

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  • Commissioner Gonzales Announces Weekly Formula Rate July 25, 2017

    Tuesday, July 25, 2017 | 9:34pm

    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.

    The rate is based on a ceiling of 4.25 percent over the weekly average prime loan rate of 4.0 percent as published by the Federal Reserve on July 24, 2017.

    Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes. 

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  • Commissioner Gonzales Announces Weekly Formula Rate July 18, 2017

    Tuesday, July 18, 2017 | 10:19am

    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.

    The rate is based on a ceiling of 4.25 percent over the weekly average prime loan rate of 4.0 percent as published by the Federal Reserve on July 17, 2017.

    Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes. 

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  • Notice to Title Pledge Lenders of Transition to NMLS

    Tuesday, July 11, 2017 | 10:49am

    We are pleased to announce that starting August 1, 2017, the Department will begin using the Nationwide Multistate Licensing System (“NMLS”) to manage all licenses under the Tennessee Title Pledge Act.  Through NMLS your company will be able to apply for, amend, and renew its license authority conveniently and safely online.  NMLS also contains functionality for the submission of financial statements and credit reports as required for a title pledge license.  More information about NMLS can be found on the NMLS Resource Center.

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