Tennessee Senate Bill SJR0159

Tennessee 2023-2024 Regular Session

• Introduced: 1/31/23
• Engrossed: 2/16/23
• Enrolled: 3/24/23
• Passed: 3/30/23

Caption

A RESOLUTION to recognize and celebrate 100 years of Tennessee credit unions.

Impact

The resolution emphasizes the impact credit unions have had by serving approximately 2.4 million members and providing around 16,000 jobs within the state. The financial benefits attributed to these institutions total approximately $305 million annually, benefiting every household in Tennessee. This recognition serves to enhance the visibility of credit unions and their role as community partners dedicated to financial education and member service.

Summary

SJR0159 is a Senate Joint Resolution recognizing the hundredth anniversary of credit unions in Tennessee. This resolution highlights the significant contributions that credit unions have made to both the economic well-being of the state and the lives of Tennessee citizens. Established in 1923, Tennessee was among the early adopters of state-chartered credit unions, which have since evolved into vital financial institutions providing a range of banking services at lower costs than traditional banks.

Contention

While the resolution itself may not present contentious points, it does symbolize the larger conversation around financial institutions that serve communities beyond the profit motives of conventional banks. The resolution astutely reflects on the democratic values and member-focused approach credit unions embody. However, ongoing discussions in the financial sector often involve debates over the regulation and competitive standing of credit unions versus traditional banking institutions, particularly in terms of market share, service offerings, and consumer protections.