abstract:A non-bank financial institution (NBFI) is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFIs facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market brokering.
"Engagingin the work of finance" refers to: 1. engaging in the business of a bank, insuranceinstitution, futurescompany, creditcooperativeinstitution or non-bankingfinancialinstitution;
The bill changes the definition of "financial institution" to include private mortgage brokers and other non-bank lenders will enhance our ability to prosecute criminals under the bank fraud statute who commit fraud involving loans from those companies.