When Is a Bank a Non-Bank Lender?

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Goldman Sachs “has started allowing certain asset-management clients—namely insurance companies—to invest alongside it when it loans money to borrowers including private-credit funds and nonbank lenders such as mortgage providers,” the Wall Street Journal reports.

That made me chuckle. I’ve been writing about the growth of nonbank lenders since at least 2012 and 2015, but until now I’d never focused on the possibility that the “nonbank lenders” would get their capital by way of loans from places such as Goldman Sachs, which is a bank.