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Committee gives positive recommendation to bill expanding commissioner authority on bank deposit insurance
Summary
House Bill 110 would authorize the Tennessee Commissioner of Financial Institutions to require state‑chartered banks to maintain deposit insurance and to set standards for those requirements; the committee advanced the bill 13–0 after agency representatives offered to answer questions.
House Bill 110 received a positive recommendation from the House Government Operations Committee on March 10 by a recorded vote of 13 ayes.
Sponsor Leader Cochran told the committee HB 110 would give the Tennessee Commissioner of Financial Institutions express authority to require Tennessee state‑chartered banks to maintain deposit insurance and to establish standards the commissioner would use when making determinations about deposit requirements. The sponsor described the standard‑setting as a risk‑based approach taking into account safety and soundness, a bank’s ability to promote economic progress, public confidence in the banking system and input from the banking industry.
Cochran yielded to the Department of Financial Institutions for technical questions. No substantive objections were raised during Q&A; the clerk reported a unanimous recorded vote of 13 ayes. The bill was advanced with a positive recommendation and will proceed to the calendar and rules pipeline for further floor consideration.
Votes and next steps: HB 110 passed the committee, 13–0, and has a positive recommendation to move forward.
