The 114th General Assembly of Tennessee has concluded. Sine die was declared at 8:16 p.m. CT on Thursday, April 23.
Statewide Financial Literacy Commitment
On the credit union front, it’s been a busy session. Earlier this month, Tennessee’s credit unions were honored on the floor of the House of Representatives for a $1.8 million commitment to further financial literacy in the state through the Tennessee Financial Literacy Commission.
If your credit union is interested in learning more about how to get involved, please reach out. There’s still time before the 2026-2027 school year.
Crypto ATM Ban
We worked with Speaker of the House Cameron Sexton, our counterparts at the bankers association and the Tennessee Sheriffs’ Association to pass a law to ban the existence of crypto ATMs in the state.
Wins for State Chartered CUs
We also joined forces with Greg Gonzales, Commissioner of the Department of Financial Institutions, to pass a law allowing for state chartered credit unions to use private deposit insurance as well as giving more exam cycle flexibility for well performing credit unions.
Wire Transfer Tax
We were also active in opposing any efforts to tax wire transfers originating from Tennessee credit unions that would flow outside of the United States. This particular bill did pass and will become law, but was amended removing any effect on credit unions, instead focusing efforts on both traditional wire transfer services like Western Union and modern services such as Venmo and CashApp.
Upcoming General Election
Legislative session may be complete, but now attention among state lawmakers will turn to their re-election campaigns. Primaries (and the General Election for local races) will be held on Thursday, Aug. 6, and the national midterm elections will be held on Tuesday, Nov. 3. We will also turn our attention to those races — prepare to hear more from us on the campaign fundraising side of advocacy.
