Department of Financial Institutions
Greg Gonzales, Commissioner

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. As of the end of the fiscal year, June 30, 2007, the Department of Financial Institutions regulated 164 state-chartered banks, eight trust companies, two business and industrial development corporations (BIDCOs), 115 credit unions, 885 industrial loan and thrift offices, 74 insurance premium finance companies, 1,577 mortgage companies, 568 check cashers, 1,499 deferred presentment services companies, 758 title pledge lenders and 55 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.