The 2022 portion of the 112th Tennessee General Assembly has concluded, marking the end of legislative business for the year.
The 2022 session once again saw a coalition of credit unions, banks, and card companies team up to defeat harmful legislation that would have reduced interchange fee income that credit unions receive by 10%. While this was the only major legislation in this year’s session, it has been a years-long effort to preserve the payment network status quo and defeat merchants and grocers, who have been trying to remove state and local sales tax from that interchange fee calculation.
In noncredit union business, lawmakers overhauled the state formula for funding public K-12 education, passed a campaign finance and ethics reform bill, authorized $500 million in bonds to help finance the construction of a brand new world-class stadium for the Tennessee Titans, as well as passed a constitutionally required balanced budget that accounts for a total of $52.8 billion in state spending.
Southern Security FCU Sponsors Congressman Kustoff Event
Congressman David Kustoff was back in Tennessee’s 8th district on May 5 and attended the Collierville Chamber’s Breakfast event sponsored by Southern Security Federal Credit Union. The well-attended discussion was highlighted by updates on current issues from Congressman Kustoff and a great question and answer session. The Congressman spoke very highly of the work that credit unions do in West Tennessee.
Governor Lee attends Elder Justice Conference
The 2022 Tennessee Elder Justice Conference was held in Gatlinburg on May 3-5. The conference was widely attended by both Tennesseans and those from around the country. TCUL’s Kim Bohannon served on a panel to discuss what financial institutions can do to be part of the solution for elder justice. Governor Bill Lee joined the conference to commend the important work being done by everyone on the elder justice front.
Tennessee Credit Unions Can Help Get out the Vote!
Tennessee Credit Unions will soon have the opportunity to participate in the state’s “Your Vote Matters” program. The TCUL has partnered up with Tennessee Secretary of State Tre Hargett, to bring you the Your Vote Matters program. Credit Unions in Tennessee have a unique opportunity to help drive turnout in this year’s all-important elections. Stay tuned for the kickoff of this great partnership!
Sessions End Means Election Season’s Beginning
Between now and the start of the next General Assembly, 15% of districts will have a new legislator. It’ll be a critical time to forge new relationships with those members, gauge their understanding of credit unions, and work to create new credit union champions in the TN legislature.
May is TN Credit Union League PAC Fundraising Month. The league is committed to raising state PAC funds during the month of May only going forward. This will almost always coincide with the end of the session and looking forward to election season, so we feel it’s a perfect time!
Be on the lookout for an email detailing donations to the state PAC.