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Subcommittee advances bill letting commissioner tailor bank exams and share-insurance rules
Summary
House Bill 2537 would give the commissioner authority to set examination frequency for state-chartered banks and define share-insurance requirements for state credit unions; committee voted 6–0 to send the measure to Commerce.
A sponsor told the committee House Bill 2537 updates current law to permit the commissioner to determine examination frequency for Tennessee state-chartered banks and to set the required characteristics of share insurance for state-chartered credit unions.
The sponsor said the bill also removes obsolete references to a defunct State Credit Union Share Insurance Corporation and fixes a clerical error in the Money Transmission Modernization Act. "This legislation will also enact language setting forth the commissioner's authority to determine the characteristics of share insurance required to be maintained by each Tennessee State Chartered Credit Union," the sponsor said.
Committee members had no substantial objections and the clerk recorded 6 ayes and 0 noes; the bill will move to the Commerce Committee for further consideration.
