What is Financial Institution?

Legal Definition
In finance and economics, a financial institution is an institution that provides financial services for its clients or members. One of the most important financial services provided by a financial institution is acting as a financial intermediary. Most financial institutions are regulated by the government.
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Legal Definition
An organization that is a channel between the parties involved in funds transfer between fund savers and fund borrowres. They are depository or nondepository insurance companies. Depository banks pay interest on a deposit from the interest on loans. Nonde