COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 19, 2026

Summary

The Tennessee Department of Financial Institutions has set the maximum effective formula rate of interest at 10.75 percent. This rate remains effective until the Federal Reserve updates the underlying weekly average prime loan rate.

AI-generated summary · May 24, 2026. Verify with your compliance counsel before acting.

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NASHVILLE--Commissioner of Financial Institutions Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 10.75 percent per annum.

The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 6.75 percent as published by the Federal Reserve on May 18, 2026.

Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes.

Chapter 464, Public Acts of 1983, the legislation regulating interest rates in Tennessee, requires that the commissioner of Financial Institutions make an announcement weekly of the formula rate of interest.

Alica Owen
Public Information Officer
Tennessee Department of Financial Institutions
(615) 289-4738

Common questions

What does "COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 19, 2026" cover?

The Tennessee Department of Financial Institutions has set the maximum effective formula rate of interest at 10.75 percent. This rate remains effective…

Which agency issued this update?

This update was issued by Tennessee Department of Financial Institutions.

When was it published?

It was published on May 19, 2026.

COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 19, 2026

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