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Nonbank Bank |
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Nonbank Bank An institution that provides most banking services without belonging to the Federal Reserve System or receiving a state charter. Nonbank banks do not offer checking accounts per se, but offer credit cards, loans and savings accounts. They developed to circumvent regulations preventing banks from operating in multiple states. They became unnecessary after the passage of the Riegle-Neal Act, which deregulated banks. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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