In a move aimed at modernizing the state's financial industry, Tennessee Governor John Franklin signed into law today a series of banking reforms that are set to have a significant impact on how banks operate in the state. The new laws, which were passed by the state legislature earlier this month, represent the most significant overhaul of Tennessee's banking regulations in decades.One of the key provisions of the new laws is the establishment of a regulatory framework for Fintech companies operating in the state. These companies, which utilize technology to provide financial services, have been growing rapidly in recent years, but have operated in something of a regulatory gray area. The new laws will provide clear guidelines for how these companies can operate in Tennessee, giving them the legal certainty they need to thrive.Another major change brought about by the new laws is the removal of restrictions on interest rates that banks can charge on loans. Previously, Tennessee law had set limits on the amount of interest that banks could charge, but these limits have now been lifted. Proponents of the change argue that it will allow banks to compete more effectively with online lenders, who have been able to charge higher interest rates due to their lower overhead costs.In addition to these changes, the new laws also aim to improve access to banking services for low-income and minority communities. One provision requires banks to offer basic checking and savings accounts with no minimum balance requirements, making it easier for underserved populations to access traditional banking services.Governor Franklin praised the new laws as a positive step forward for Tennessee's financial industry. "These reforms will help to modernize our banking sector and ensure that all Tennesseans have access to the financial services they need," he said in a statement.The new laws are set to go into effect on July 1st, giving banks and Fintech companies time to adjust to the new regulations. Industry experts expect that the changes will lead to increased competition and innovation in Tennessee's banking sector, ultimately benefiting consumers across the state.