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SB 974

Banks and Financial Institutions - As introduced, reduces, from 60 days to 45 days, the time within which, after the end of the calendar year, the commissioner of financial institutions must submit the department's annual report to the governor. - Amends TCA Title 45.

114th Regular Session (2025-2026) Introduced by Steve Southerland

Tennessee bill reduces financial institutions department annual reporting deadline from 60 to 45 days after year-end to accelerate governor oversight access.

Passed on Second Consideration, refer to Senate Commerce and Labor Committee
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Bill Summary · SB 974

Legislative bill overview

SB 974 shortens the deadline for Tennessee's Department of Financial Institutions to submit its annual report to the governor from 60 days to 45 days after the calendar year ends. This is a minor administrative change to state reporting timelines under Tennessee Code Annotated Title 45.

Why is this important

Tighter reporting deadlines can improve government responsiveness and allow the governor's office to access financial sector oversight information sooner. However, the practical impact depends on whether the department currently needs the full 60 days to compile accurate data or if the current timeline simply includes buffer time.

Potential points of contention

  • Operational feasibility: The 15-day reduction may strain department staff if current processes require that time to ensure accuracy and completeness of financial data
  • Data quality concerns: Rushed reporting timelines could theoretically increase errors or omissions in financial oversight documentation, though this depends on current workload
  • Unclear rationale: The bill provides no explanation for why this specific timeline change is necessary, making it difficult to assess whether the deadline reduction addresses a real problem

Compiled from official sources — confirm details with the bill’s official record.

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