LeoGlossary: Financial Institution

Entities that help people manage their financial and monetary needs. This is done by depositing money along with investing and managing it. In addition to deposits, these transactions can be loans, investments, and currency exchange.

The 9 Types of Financial Institutions are:

• Central Banks
• Retail and Commercial Banks
• Internet Banks
• Credit Unions
• Savings and Loan Associations
• Investment Banks
• Brokerage Firms
• Insurance Companies
• Mortgage Companies

Financial institutions play a vital role in the economy. For this reason, governments tend to provide a lot of oversight of these institutions. This is done through regulation.

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