News & Events
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 percent over the weekly average prime loan rate of 4.25 percent as published by the Federal Reserve on September 18, 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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MCCULLOUGH HONORED AT TENNESSEE RESIDENCE AS TDFI’s RECIPIENT OF THE GOVERNOR’S EXCELLENCE IN SERVICE AWARD
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.