January 5, 2022 — The past year saw many legislative victories for credit unions. Credit union advocates were prepared, ready and active throughout 2021 and made a big difference. Let’s look back on a few of the victories from 2021:
Interchange: The League teamed up with Bankers Association and card companies to defeat legislation for the second consecutive year that would remove state and local sales tax from calculation of interchange fees, protecting 10% of Tennessee credit unions interchange income. This issue is far from over as the Bill has been rolled to the first calendar of 2022. We will be fighting interchange again this year and need our credit union advocates ready!
C-PACE: The League was able to work to amend legislation authorizing municipal backed Commercial-PACE loans to not sit ahead of the first mortgage in lien priority. This is key for our credit unions to keep their right position in the lien priority structure.
Covid-19: The League joined forces with other business groups to help ensure limited liability to credit unions in regards to COVID-19 exposure with exception for cases of gross negligence.
July 15, 2021 – The National Association of State Credit Union Supervisors (NASCUS) is proud to announce Tennessee has earned Re-Accreditation following a series of in-depth reviews and assessments by a panel of veteran state supervisors.
More than 88% of the $989 billion in state-chartered credit union assets are supervised by NASCUS’ 28 accredited state agencies.
“Accreditation is direct evidence of an agency’s capabilities and benefits all credit unions in the state as well,” said NASCUS President and CEO Lucy Ito. “It recognizes the professionalism of a state agency’s regulators, supervisors, and staff, while potentially delivering an impetus and support for legislation to modernize state law and policy changes to advance state supervisory processes and best practices.”
“Across the country, Accreditation makes the state system stronger. It continuously helps us improve and provides us with credibility and support to fulfill our responsibilities to the people of Tennessee. We are proud to have a strong and collaborative working relationship with NASCUS, other state regulators, and within the credit union industry.” commented Greg Gonzales, Tennessee Commissioner.
NASCUS accreditation is a robust process that includes disciplined self-evaluation, peer review, and ongoing monitoring. The process, administered by the NASCUS Performance Standards Committee (PSC), measures a state regulatory agency’s ability and resources to carry out its regulatory and supervisory programs effectively. To earn Accreditation, a credit union state supervisory agency must demonstrate that it meets accreditation standards in agency administration and finance, personnel and training, examination, supervision, and legislative powers.
NASCUS adopted the Accreditation Program in 1989 to administer and assure states’ credit union examination and supervision quality standards. This program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program.
TriStar Advocacy Report
MARCH 17, 2021
Homestead Exemption Bill Hits a Snag
We have a couple of big updates on the state-level advocacy front to report. First, our bill to increase the Homestead Exemption hit a massive snag as Legal Services filed it with the wrong caption. This essentially renders the bill inoperable because the bill would change sections of the TN code that are not covered by the caption – which isn’t allowed. We’re still working through the processes on what it means for this year, but the likelihood of success isn’t that good right now and requires going through a Committee called Delayed Bills. We’ll keep you posted should there be any future movement.
On the Interchange front, we feel quite confident in our position in the House Banking & Consumer Affairs Committee and have been continuously working to ensure that the bill dies there. Similar to last year, on the Senate side of things, the story is a little different. The bill will be in front of the Revenue Subcommittee of Senate Finance, Ways & Means next week. That committee will attach a positive, negative, or neutral recommendation to the legislation. While we cannot kill it in Revenue Sub, we’re working with the full committee now to prepare for when it does arrive in full.
Tennessee regulator named to federal panel
March 9, 2016 — Greg Gonzales, commissioner of the Tennessee Department of Financial Institutions, has been appointed to the State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council (FFIEC), an umbrella group for federal financial regulators, including NCUA. READ
Dupont Credit Union Adopts Scenic Community Name
May 14, 2015 – Chattanooga, Tenn. – The Dupont Community Credit Union is dropping the Dupont name it has used since its start 61 years ago. This week, new signs were put at the credit union’s four offices boasting the new name: Scenic Community Credit Union.
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