depository

Two thirds of that money was sitting Belgian financial intermediary Euroclear, a security depository holding billions in assets for its clients.

Neither Euroclear nor EU countries want to be seen as unreliable depositories of foreign wealth.

The issue is the nature of the credit itself, as nonfinancial depository institution loans, or NFDIs, can be murky, funding less-transparent borrowers like hedge funds for their own financial activities.

Luckey and his collaborators plan to focus the bank’s business on loans and depository services to much of the same clientele as Silicon Valley Bank, according to people familiar with the matter.

As of now, the only federal agency that explicitly monitors banks and other depository institutions for abusing consumers is on life support.