Sociedad Financiera de Objeto Limitado Non-bank bank / Nonbank bank
| Creator: | |
| Language pair: | Spanish to English |
| Definition / notes: | This is how it appears in Tom West's dictionary. Black's Law Dictionary has the following definition for Nonbank banks: A financial institution that either accepts demand deposits or makes commercial loans, but, unlike banks, does not do both at the same time and, therefore, can avoid federal regulations on bank ownership. (US) An additional note is included in Black's Law Dictionary as follows: Nonbank banks were especially prolific in the 1980s, but amendments to the definition fo a bank under federal law have essentially closed this loophole. (US) Additional comment: These institutions are also referred to as "Sofoles" in Mexico. |
| URL: | http://aicpa.org |
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