Financial Institutions, Dept. of - As enacted, terminates the state credit union share insurance corporation that protects or guarantees shareholdings and deposits of member credit unions against loss; terminates the capital fund held by the corporation that consists of capital contributions and special assessments paid by member credit unions; makes other revisions pertaining to credit unions. - Amends TCA Title 45, Chapter 2; Title 45, Chapter 4 and Title 45, Chapter 7.

SB 1870 ends Tennessee's state credit union insurance program that protected member deposits and shareholdings. It requires credit unions to instead obtain insurance through the federal National Credit Union Association (NCUA) rather than the state program. The bill also revises examination requirements, allowing the commissioner to extend annual exams to 24 months based on a credit union's risk profile. This directly affects all state-chartered credit unions operating in Tennessee by changing their insurance and oversight structure.