The Department regulates banks, credit unions, trust companies, business and industrial development corporations, industrial loan and thrift companies, insurance premium finance companies, mortgage lenders, brokers, servicers and originators, title pledge lenders, check cashers, deferred presentment services companies, money transmitters and flexible credit act lenders.
For most Tennesseans, financial institutions are symbols of security. Their role in business and industry is crucial to the growth of our country's economy and our own personal well being.
The Department continues to develop and implement its Regulatory Balance mission for depository institutions. Department examiners seek to right size regulation to the merits of each institution and avoid a one size fits all approach in order to support the Governor’s economic goals for Tennessee. The Tennessee banking system is critical to the state’s economic vitality and the Department’s balanced regulatory approach supports economic progress.
In Tennessee, banking is big business. As of November 14, 2019, the Tennessee Department of Financial Institutions regulated:
- 128 State-chartered Banks
- 80 State-chartered Credit Unions
- 15 Trust Companies
- 1 Business and Industrial Development Corporations (BIDCO)
- 1,145 Industrial Loan and Thrift Companies (TILT)
- 43 Insurance Premium Finance Companies
- 724 Mortgage Companies, 13,183 Mortgage Originators
- 696 Title Pledge Lenders
- 554 Check Cashers
- 835 Deferred Presentment Services Companies
- 147 Money Transmitters
- 683 Flexible Credit