News & Events
Commissioner Announces Personnel Change in the Bank Division
NASHVILLE, Tenn. – Today, Greg Gonzales, Commissioner of the Tennessee Department of Financial Institutions (the Department), announced two personnel changes. Tod Trulove is retiring at the end of April after 33 years of service to the Department. He has served the last 20 years as Assistant Commissioner of the Bank Division. Trulove began his career as an examiner in the middle Tennessee region and was promoted multiple times to ultimately lead this division, which supervises state-chartered banks, trust companies, and business and industrial development corporations (BIDCOs). Gonzales also announced that Philip Ruffin has been appointed as Assistant Commissioner of the Bank Division. Ruffin joined the Department in 2006 and has led the Large Bank section of the Bank Division since its inception in 2017. Before joining the Department, Ruffin served as a bank examiner with the Federal Deposit Insurance Corporation (FDIC). Phil is a graduate of Tennessee Technological University and the Graduate School of Banking at LSU. He is a resident of Mt Juliet, Tennessee.
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NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 12.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 8.50 percent as published by the Federal Reserve on March 18, 2024.
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